By Dee-Ann Durbin
Airbnb on Wednesday filed preliminary paperwork for selling stock on Wall Street, undaunted by a global pandemic that has taken some wind out of its home-sharing business.
The San Francisco-based company said it submitted a draft registration statement to the Securities and Exchange Commission. It kept details in the statement confidential.
Airbnb said the number of shares in the company it plans to sell and their price hasn’t yet been determined. The timing of the IPO also hasn’t been set.
Airbnb, which was founded 12 years ago, has long been expected to go public. Its CEO, Brian Chesky, told The Associated Press this summer that he was working on the IPO documents when the coronavirus pandemic hit the U.S. in March.
The pandemic initially hurt demand for the 7 million properties listed by Airbnb. Chesky has said that Airbnb's 2020 revenue will likely be less than half of what the company booked last year.
In May, Airbnb cut 1,900 employees or around 25 percent of its workforce.
But demand has rebounded some as some travelers see home rentals as safer during the pandemic than crowded hotels. On July 8, the company said guests booked more than 1 million nights' worth of future business; it was the first time that threshold had been reached since March 3.
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
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Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
Monsanto was ordered to pay $857 million to students and parent volunteers at a Washington school.
