WHAT VIRUS?

Airbnb Goes Public in Blockbuster $100 Billion Pandemic Comeback

The company emphasized that the future of Airbnb lies in its ability to help people “live anywhere.”

Airbnb shares opened at a massive $146 on Thursday, more than double its initial public offering price of $68, completing a stunning turn around for a company initially seen as a pandemic loser. In its offering prospectus the company described the future of Airbnb as “healthy tourism” and emphasized that, in the new normal, Airbnb could help people “live anywhere.” Airbnb laid off a quarter of its workforce earlier this year as global travel halted and the company was criticized by both hosts and guests for its handling of the pandemic. But bookings started to rebound soon after. Thursday’s blockbuster IPO, which put the company’s value at more than $100 billion, is yet another sign that investors are hungry for tech stocks to dump their money into. Investors also went ham for DoorDash when it debuted its IPO on Wednesday. Despite 2020 being one of the worst years in most Americans’ lives, the stock market has been booming.