Airbnb has become the biggest ever company to double its value on the first day of becoming a public company on the stock exchange.
On its first day of trading yesterday, Airbnb’s shares more than doubled from $68 to a share to $146, resulting in the company being valued at more than $100bn.
This was a 120pc increase on the price at which Airbnb had raised £3.7bn the day before on Wednesday.
Airbnb announced in November it was to go public, and with these float values will make the company’s three co-founders – Brian Chesky, its chief executive, and executives Joe Gebbia and Nathan Blecharczyk – multi-billionaires.
Speaking to Bloomberg, Chesky, who founded the company in 2008 as a way to help make rent payments on his San Francisco apartment, said: “I don’t know what else to say, the higher the stock price the higher the expectations.”
In April, Airbnb came under fire for promoting a number of properties on its website as ‘Covid-19 retreats’ during the national lockdown in the UK.