Techlife News|April 11, 2020
“What market pressure will mean for all companies is survival of the fittest,” said Allen Adamson, co-founder of the marketing firm Metaforce and a business professor at New York University. “If you are going into this storm in a bad shape, it’s not going to be pretty.”
Just few weeks ago, Airbnb was poised to cash in on a soaring stock market with its highly anticipated public offering. But with the market now reeling and few people looking to anywhere but home, Airbnb is reportedly racking up millions of dollars in losses while fending offa backlash from hosts who rely on its service to survive.
Hosts were furious when the company told guests they could cancel their stays without penalties. Last week, Airbnb agreed to pay hosts $250 million to make up for some of the money lost to cancellations.
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April 11, 2020