In this Feb. 22, 2018, photo, Airbnb co-founder and CEO Brian Chesky speaks during an event in San Francisco. (AP Photo/Eric Risberg, File)
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.
Fintech pioneer Tom Sosnoff discusses the evolution of retail investing, the rise of AI, and his new platform Lossdog aimed at the next generation of trading.
The FAA prepares to select cities for its eVTOL pilot program, marking a major step toward electric air taxis and the future of urban air mobility in the U.S.
Rising oil prices tied to the Iran conflict are driving up gas and airfare costs, creating new challenges for travelers heading into the spring break season.
The Supreme Court strikes down Trump-era tariffs, limiting presidential trade powers and raising questions about refunds, global trade, and business impact.
New research from GoDaddy and UCLA shows small businesses signal shifts in GDP, jobs, and digital growth earlier than traditional data or Wall Street trends.
GoFundMe launches Back in Business Fund with Paris Hilton to provide targeted grants helping women entrepreneurs recover and rebuild after natural disasters.
Samsung launches its “AI in Action Lab” in NYC, giving public high school students hands-on AI experience and tools to prepare for real world innovations.
Gen Z workers are increasingly worried AI could replace their jobs. However, experts say companies are using AI more to assist workers than replace them.
