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Airbnb Laying Off 1,900 Employees Due To Travel Decline
Techlife News
|May 09, 2020
Airbnb says it is laying off 25% of its workforce as it confronts a steep decline in global travel due to the new coronavirus pandemic.
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It’s a serious setback for the 12-year-old home-sharing company, which just a few months ago was valued at $31 billion and planning a hotly anticipated IPO. Airbnb lists around 7 million properties on its web site.
In a letter to employees, CEO Brian Chesky said the San Francisco-based company is letting 1,900 of its 7,500 workers go and cutting businesses that don’t directly support home-sharing. Those include its investments in hotels, air transportation and movie production.
“We are collectively living through the most harrowing crisis of our lifetime,” Chesky wrote.
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