Airbnb is planning to submit a confidential filing with the SEC this month to go public, CNBC reported. The company was expected to go public earlier this year, but put those plans on hold due to the Covid-19 pandemic and laid off 25% of its staff, or roughly 1,900 employees, to cut costs.
- Worth Noting: Airbnb’s private valuation has dropped to $18 billion, down from the $31 billion figure when it raised a round of funding in 2017. The company also raised $1 billion in April in equity and debt from Silver Lake and Sixth Street Partners to get through the crisis. It raised another $1 billion just a week later from Fidelity, T. Rowe Price and Blackrock. [CNBC]