SAN FRANCISCO (NYTIMES) - Airbnb has raised US$1 billion (S$1.43 billion) in new funding as it grapples with devastation from the coronavirus pandemic and as some technology start-ups take extra measures to stockpile cash during the outbreak.. Read more at straitstimes.com.
SAN FRANCISCO - Airbnb has raised US$1 billion in new funding as it grapples with devastation from the coronavirus pandemic and as some technology start-ups take extra measures to stockpile cash during the outbreak.
Airbnb's business has been hobbled during a shutdown in global travel caused by the spread of the coronavirus. It is a delicate time for the company, one of the largest and most prominent start-ups to emerge from Silicon Valley in the last decade. Airbnb had said that it plans to go public this year. But that may be in limbo because of stock market volatility and uncertainty caused by the virus.
A company spokesman declined to comment on what the new funding meant for an IPO. Airbnb is under pressure to go public before some of its early employees' shares begin to expire later this year. On March 30, Brian Chesky, Airbnb's chief executive, held a video call with the company's hosts and said the past few weeks had been a"wake-up call." He announced a US$250 million fund to compensate hosts for a portion of their booking cancellations, as well as a US$10 million pool of grant money for its"Superhosts," paid for by Airbnb's founders and employees.
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