Airbnb, Defying Pandemic Fears, Takes Its Company Public In IPO

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Airbnb is listing shares of its initial public offering Thursday, capping a tumultuous year for the short-term rental company.

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For Airbnb, 2020 Was Supposed To Be A Banner Year. Then The Pandemic Hit

Airbnb saw its business dive amid travel restrictions in early 2020, and in May, it announced it was cutting 1,900 employees — about 25% of its workforce.

«In this crisis, it felt like I was a captain of a ship and a torpedo hit the side of the ship, Airbnb CEO Brian Chesky said in an April interview with NPR.

But, then the company saw a quick rebound globally «as millions of guests took trips closer to home, it said in its IPO filing. «Stays of longer than a few days started increasing as work-from-home became work-from-any-home on Airbnb.

Airbnb said it expects more business as people who can work remotely are increasingly able to work from anywhere. «We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere, it said.

Amazon and other companies catering to people forced to stay home during the pandemic are booming. Airbnb’s IPO comes just one day after food delivery app Doordash went public, soaring 85% in its stock market debut.