Topline
Brian Chesky, the billionaire CEO and co-founder of Airbnb, said Tuesday that he will permanently live in a rotation of properties listed by the home rental company, furthering Airbnb’s commitment to remote work – an emphasis that is also a boon to the company’s long-term rental business.
Airbnb CEO Brian Chesky will spend his time between various of the companies' rental properties.
Key Facts
Chesky tweeted Tuesday, “Starting today, I'm living on Airbnb,” and that he will move between cities “every couple weeks.”
In a follow-up tweet, Checky said he will “often” return to San Francisco, where Airbnb is headquartered, and that his move is a result of the “decentralization of living” enabled by remote work.
Chesky’s initiative touting remote work comes as Airbnb’s revenues soared amid the rise of work from home policies – its $2.2 billion in revenue during the third quarter of 2021 was 36% higher than it was over the same period in 2019.
Chesky, who co-founded Airbnb in 2008, is worth $12.6 billion according to Forbes’ most recent estimates, making him the 168th wealthiest person in the world.
Key Background
Chesky said in an Airbnb earnings call last May that employees won’t need to return to the office until September 2022 or beyond and said in November Airbnb’s work policy will remain “flexible” permanently. Airbnb has faced significant criticism recently from Congress, as the chair and co-chair of the Congressional-Executive Commission on China questioned the company’s “commitment to human rights” due to its business dealings in China in a letter addressed to Chesky earlier this month.
Tangent
Shares of Airbnb dropped 3.4% in Tuesday trading as of 12:40 p.m., following a stock downgrade from the Gordon Haskett research group.
Further Reading
Airbnb’s ‘Commitment To Human Rights’ Questioned By Two Congressmen Over Chinese Business Dealings (Forbes)
