(With a net worth of about $9 billion he can afford the cancellation fee.) And he geeked out over the incredible dwellings that people are offering, including a literal yellow submarine, in New Zealand. Since its IPO, the stock has fallen nearly 26%.Īt a press launch of the new features a few days later, replete with a film of Chesky traveling to various exotic Airbnb listings with his dog, Sophie Supernova, who made a live appearance later in the proceedings, he compared Airbnb’s photo-heavy new site to his main competitors, saying “I just don’t think travel sites should look like online casinos.” He booked a split stay in Kentucky live for the gathered press. Nevertheless, the company has had three years of poor financial performance, posting losses of $674 million, $4.58 billion, and $352 million for 2019, 2020, and 2021, respectively. He calls the last two years “the most productive in our history.” “Airbnb recovered faster than most other travel companies during the pandemic,” says Chesky. It bounced back fast, and by December 2020 managed to pull off an initial public offering. The company was forced to lay off about a quarter of its employees, pause all its paid marketing, borrow money to keep the company afloat and delay its IPO. The pandemic initially hit Airbnb hard, with a billion cancellations. (Of the ‘this place sucks’ kind rather than the global pandemic kind.) The website will show them how they could split their journey between two destinations and Where do you want to go will not be the only option they are given for planning their getaway. Users will be provided with built-in travel insurance, in case of unforeseen events. There are three main changes to the site. At the same time, Chesky also seems to realize that Airbnb’s standard way of doing business has created some unforeseen problems.Īirbnb, this week, is implementing what it calls its biggest update in 10 years. Chesky wants Airbnb to meet users sooner on their journey, and the first step of any trip is not to figure out where you’re going, but to imagine yourself anywhere other than where you are. When users open the platform, they are asked a question: Where do you want to go? This, Chesky has come to realize, is the wrong way to approach travel. The problem with Airbnb, according to its CEO Brian Chesky, is the search box.
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