Airbnb is shedding 25% of its staff

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On Tuesday, the short-term rental startup mentioned practically 1,900 staff shall be let go worldwide, out of seven,500.

“We’re collectively residing by way of probably the most harrowing disaster of our lifetime, and because it started to unfold, world journey got here to a standstill,” Airbnb CEO and cofounder Brian Chesky mentioned in a letter to employees.
He added that Airbnb’s enterprise has been “hit onerous” and income this 12 months is anticipated to be lower than half of what the corporate earned in 2019. The corporate has just lately dabbled with virtual versions of its Airbnb Experiences, which function hosts from greater than 30 nations main actions and vary in value from $1 to $40. Experiences embody on-line bike excursions, meditating with a Japanese monk or taking a Moroccan cooking class.
Airbnb hosts struggle to pay the bills as the pandemic sparks mass cancellations
Airbnb has additionally reportedly delayed plans for a Wall Road debut this 12 months.

Within the US, Airbnb mentioned it is going to cowl 12 months of medical health insurance for its staff by way of COBRA. In all different nations, it is going to cowl medical health insurance prices by way of the tip of this 12 months.

Layoffs have swept throughout the financial system because of the pandemic, and tech firms have not been spared, with cuts and furloughs at Lyft, Yelp, Eventbrite, and rumored layoffs coming at Uber.

“I’ve a deep feeling of affection for all of you,” Chesky wrote within the letter. “I’m really sorry. Please know this isn’t your fault. The world won’t ever cease searching for the qualities and skills that you just delivered to Airbnb.”

Airbnb has additionally grappled with appeasing pissed off clients with refunds, and supporting its hosts, lots of whom are struggling to make mortgage funds and pay payments attributable to coronavirus-related cancellations.

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