{"id":40055,"date":"2020-04-11T09:17:53","date_gmt":"2020-04-11T08:17:53","guid":{"rendered":"https:\/\/travindy.com\/?p=40055"},"modified":"2020-04-14T12:44:16","modified_gmt":"2020-04-14T11:44:16","slug":"airbnbs-coronavirus-crisis","status":"publish","type":"post","link":"https:\/\/travindy.com\/news\/2020\/04\/airbnbs-coronavirus-crisis\/","title":{"rendered":"Airbnb\u2019s coronavirus crisis"},"content":{"rendered":"
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E<\/span>verything was supposed to come together for Airbnb in 2020.\u00a0The hottest stock-market debut of the year. A valuation of more than $50 billion. Riches for hundreds of employees holding options expiring at year-end. And vindication for co-founder and Chief Executive Brian Chesky\u2019s decision not to go public earlier.<\/p>\n

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The coronavirus pandemic has made all those scenarios next to impossible.<\/p>\n

With global travel nearly at a standstill, the home-sharing giant is expected to lose $1 billion through the first half of the year, and its private-market valuation is dropping, according to people familiar with the company\u2019s finances. On a videoconference with employees in late March, someone asked whether layoffs were coming. \u201cEverything is on the table,\u201d Mr. Chesky responded.<\/p>\n

On Monday, the company said it was raising $1 billion from private-equity firms Silver Lake and Sixth Street Partners to bolster its financing. The funding comes at a steep price: $1 billion of debt with an interest rate of more than 10%, The Wall Street Journal reported Tuesday<\/a>. Some investors declined to put in new money after Airbnb said it wouldn\u2019t replace Mr. Chesky as chief executive, while others didn\u2019t participate because they didn\u2019t think the terms were favorable, according to people familiar with the terms of the deal. Silver Lake and Sixth Street Partners said they had faith in the business and existing leadership team.<\/p>\n

Airbnb hasn\u2019t addressed its plans for a public offering, but some of its investors don\u2019t believe it will happen this year. \u201cThere\u2019s no way,\u201d said Matt Novak, a partner at London-based All Blue Capital.<\/p>\n

Airbnb is now weighing plans to raise as much as $1 billion more in new financing, said the people familiar with the matter.<\/p>\n

This is an excerpt from an article by Kirsten Grind, originally published on The Wall Street Journal<\/em><\/a>.\u00a0<\/strong><\/p>\n

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Before the coronavirus hit, Airbnb had been growing rapidly amid increased spending. Now, like so many businesses in the travel and tourism sector, they are hvaing to make some tough decisions. <\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,534],"tags":[3544],"yoast_head":"\nAirbnb\u2019s coronavirus crisis<\/title>\n<meta name=\"description\" content=\"Before the coronavirus hit, Airbnb had been growing rapidly amid increased spending. 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