Airbnb valued higher than three largest global hotel groups combined on first day of trading

11 December 2020 by
Airbnb valued higher than three largest global hotel groups combined on first day of trading

Airbnb was valued at $86.3b (£65.3b) following its debut on the Nasdaq stock exchange yesterday, worth more than Marriott, Hilton and InterContinental Hotels Group (IHG) combined.

The home share platform's share price ended at $144.71 (£109.42) when the market closed last night, while Marriott, Hilton and IHG were worth $84.2b (£63.7b) combined.

Airbnb has not been without its controversies – just this week a lawyer said consumers are at risk in using Airbnb and that its small print avoids any responsibility for the safety of the accommodation it offers.

A BBC investigation in April also found that properties were being listed by owners as "Covid-19 retreats" and that they could be booked by anyone, even though at that time holiday accommodation should have only been open to key workers.

The group also cut around 25% of its workforce in May, with around 1,900 employees losing their jobs.

Airbnb was founded in 2008 by Brian Chesky, Joe Gebbia and Nathan Blecharczyk and now has around 5.6 million accommodation listings on its website across more than 220 countries and regions.

Photo: Shutterstock

TagsFinance and Airbnb
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