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.
Tim Luckow, Co-Founder and CEO of Notes.fm, discusses $10 million in missing music royalties, AI’s impact on artist payments and the future of music ownership.
Thomas DiFazio, ETF Strategist at Roundhill Investments, breaks down the Fed’s rate decision, inflation risks and what comes next for stocks and small-caps.
Abigail Buckwalter, President and CEO of Ocean Spray, discusses its “Bog Core” fashion collection, reaching Gen Z and reinventing an iconic cranberry brand.
Chris Yu, founder and president of ALSO, explains how the Rivian spin-off is reinventing electric bikes and developing new solutions for urban delivery.
Irene Solaiman, Hugging Face's Chief Policy Officer and SVP of Strategy, discusses open-source AI, model sharing, safety and the fight for transparency.
Jack Withinshaw, CCO and co-founder of Airspeeder, explains how electric flying car racing could revolutionize motorsport and the future of transportation.
TIME reveals its 2026 Best Inventions list of 300 breakthroughs, featuring Apple CEO John Ternus and the iPhone Duo as he shares his vision for the future.