Airbnb Files Confidential IPO Paperwork After Pandemic Slump
Airbnb officially submits its draft registration to the SEC for an initial public offering. The filing follows a devastating period for the company that included massive layoffs and slashed valuations due to the coronavirus pandemic.
Airbnb submits a confidential draft registration to the Securities and Exchange Commission for an initial public offering. The home-sharing company does not disclose specific financial details or the exact number of shares it plans to offer in the upcoming sale.
This filing arrives after a devastating year for the company and the broader United States travel industry. Airbnb lays off nearly 1,900 employees, cuts marketing expenses, and raises billions in debt to survive the global health crisis that halts travel and causes an estimated $330 billion in lost revenue.
Despite its significantly reduced valuation of $18 billion, the company experiences a recent rebound. A surge of rentals in rural areas drives this recovery as city residents seek refuge away from pandemic-stricken urban centers.