By Oisin Sweeney • 11 December 2020 • 9:39
Shares of Airbnb rocketed to $100 billion after hitting the stock market yesterday, continuing the trend of investors swarming to tech companies in 2020.
Airbnb opened at $146 on the Nasdaq, far above the IPO price of $68 per share that raised $3.5 billion for the company, hitting a high of $165 and closing at $144.71. The surge is value marked an impressive recovery for Airbnb, whose short term rental platform was badly hit by the Covid-19 pandemic alongside other tourism companies.
The San Franciso company made a dramatic comeback partly due to travelers avoiding hotels and hostels when global restrictions eased. The stake of Brian Chesky, Airbnb’s CEO, is now worth an impressive $11 billion
Founded in 2008 as a platform for booking conference rooms, Airbnb’s stock market debut was one of the most hotly anticipated financial events of a year marked by turbulent global markets yet enormous tech profits.
Airbnb’s value was listed at $31 billion in its last pre-Covid-19 private fundraising in 2017, more than 3 times less than its current astronomical value. Meanwhile, food delivery company DoorDash experienced its own leap in value as it hit the stock market, doubling in value.
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Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...
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