Airbnb is set to double its share price to $150 when it starts trading on Thursday, up from Wednesday’s $68, reports CNBC. The company is going public when the sector has been battered by reduced travel due to the coronavirus pandemic.
- In light of pandemic effects, Airbnb is considering the changed ways travelers are looking to plan their trips now that remote work is a possibility for many-Brian Chesky, CEO
- Airbnb’s revenues fell almost 19% last quarter to $1.34 billion year over year but managed to turn to a profit of $219 million amidst intermittent quarters of profitability.
- The company faced complaints from its platform hosts early in the pandemic when it granted leniency to guest cancellations.
- As part of its IPO, Airbnb has created an endowment fund for hosts with 9.2 million nonvoting shares to benefit hosts through programs and grants.
- Airbnb will trade under the ticker “ABNB” on the NASDAQ debut.
Airbnb has been named to CNBC’s annual Disruptor 50 list eight times and ranks 41 of the list’s 50 companies.