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Airbnb disables instant book functions to halt lockdown retreats
Reading Time: 2 minutesUK: Airbnb has switched off its ‘instant book’ function and blocked all private room bookings for the foreseeable future in the UK in response to a national report which revealed short-term rental hosts were using the platform to offer Covid-19 ‘retreats’ despite the nationwide lockdown currently in place. A report published by the BBC highlighted […]
Airbnb receives $1bn funding injection to fend off Covid-19 fallout
Reading Time: 3 minutesUS: Airbnb is to receive $1 billion [£816 million] in investment from California-based Silver Lake and San Francisco’s Sixth Street Partners to help the embattled company deal with the fallout from Covid-19. The substantial financial injection, made up of debt and equity securities is in line with CEO and co-founder Brian Chesky’s announcements last […]
Reaction to Brian Chesky announcements: what may the future hold for Airbnb?
Reading Time: 5 minutesUS: In response to the ire of hosts and guests alike since it first started implementing its Covid-19 support measures, Airbnb CEO Brian Chesky recorded an impromptu video call last week, which generated a mixed response from the global short-term rental community. In the call, Chesky apologised to its host community and suppliers for abruptly cancelling […]
Airbnb lowers internal valuation to $26bn amid drop in bookings
Reading Time: 2 minutesUS: Airbnb has reportedly lowered its internal valuation by 16 per cent to $26 billion as a result of the global lockdowns and restrictions on mobility caused by Covid-19, sources familiar with the matter told Reuters. At the time of its last funding round in September 2017, when it raised $1 billion, Airbnb had a […]
Airbnb to set up $250 million host support fund
Reading Time: 2 minutesUS: After fielding criticism that its refund policy leaves hosts to burden too much of the cost, Airbnb is providing $250 million to support hosts. The company hopes to offset losses caused by coronavirus cancellations to their host community across the globe. The payment applies to those suffering from cancellations made between 14-31 March, the […]
Airbnb plans to pause hirings and marketing to save $800m a year
Reading Time: 2 minutesUS: Airbnb is preparing to pause its entire marketing expenditure for the duration of the COVID-19 pandemic, in a move that would reportedly share the home-sharing platform a sum of $800 million a year. As the company’s losses continue to soar, Airbnb is having to find alternative ways to plug the financial gaps at a […]
Airbnb fields “significant” investor interest
Reading Time: 2 minutesUS: Sources close to Airbnb have revealed that the company is receiving “significant” interest in terms of pitches from investors, despite the outbreak of the coronavirus hitting the hospitality and travel industries hard. According to American broadcaster CNBC, two sources privy to the matter said that Airbnb was in “listen mode” as it weighs up […]
Airbnb extends full refund policy for bookings worldwide
Reading Time: 2 minutesWorldwide: In the face of mounting criticism, Airbnb has extended its full refund policy for bookings around the world that are being cancelled due to the growing coronavirus pandemic. The updated cancellation policy will apply to every country in the world in which Airbnbs operate, meaning hosts and guests who have stopped reservations will now not […]
Airbnb COO Johnson steps down to join board
Reading Time: < 1 minuteUS: Airbnb COO Belinda Johnson has announced she is stepping down from her role in March 2020, when she will then join the company’s board. The news comes in the middle of a turbulent period for Airbnb as it prepares to go public at some point early next year. In her departure statement, she cited […]
Airbnb pledges to verify all listings for the first time
Reading Time: 2 minutesWorldwide: In response to a number of scandals and incidents in recent years, Airbnb has announced it will verify each listing on its platform for the first time since it launched in 2008. Last week, the rental platform pledged to ban so-called ‘party houses’ after a shooting incident at a property in Orinda, San Francisco, […]