It took years of pressure from investors and employees, as well as a deterioration in Airbnb’s finances during the pandemic, for Chesky to give up on his expansion plans and commit to a listing. By increasing spending on these ventures, he sacrificed Airbnb’s profitability, the IPO prospectus shows. Reuters interviews with more than a dozen Airbnb executives, advisers, investors and employees show that Chesky put IPO plans on the backburner as he sought to turn the company into a full-fledged travel agency, adding “experiences” so guests could participate in vacation activities such as book-guided tours of local attractions. The long road to the IPO frustrated many investors and employees waiting for an opportunity to sell their Airbnb shares in the stock market. REUTERS/Mike Hutchings/File PhotoĪirbnb aims to complete its initial public offering (IPO) on Nasdaq next month, 12 years after Chesky founded the company with former roommates Joseph Gebbia and Nathan Blecharczyk. FILE PHOTO: Co-founder and CEO of Airbnb Brian Chesky speaks during an interview in Langa township, Cape Town, South Africa March 17, 2017.
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