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Published on Friday, April 3, 2020

Coronavirus sends Airbnb valuation tumbling



 





The coronavirus pandemic has shaved about $5 billion off the valuation of Airbnb.


Airbnb lowered its internal valuation by 16% to $26 billion.


The home sharing platform previously valued itself at $31 billion.


CEO Brian Chesky announced the new valuation at a company-wide meeting, according to the FT.


Chesky remained upbeat in the video message, saying: "We are going to weather this storm. We are going to get through this together. There's going to be a huge amount of business on the other side."


Like virtually every other travel-related business, Airbnb's revenues have tanked, which puts its planned 2020 IPO in jeopardy.


Plans to go public may be delayed, Bloomberg reported.


Airbnb recently said it will allocate about $250 million to help compensate for losses incurred by hosts.


The company reportedly lost $322 million in the first nine months of 2019.


 

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