Airbnb Chief Executive Officer Brian Chesky predicts that travel will permanently change due to the pandemic with people seeking out thousands of smaller cities and spending more time visiting friends and family, according to Fox Business.
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ABNB AIRBNB INC. 169.20 -11.30 -6.26%
Traditional tourism and sightseeing at top global destinations would be significantly reduced by travelers.
Travelers are “yearning for what was taken away from them,” Chesky said. “They’re not yearning to see Times Square. What they are yearning to do is to see their friends and their families they have not seen in a long time.”
Business dropped by 80% in a little over eight weeks.
As lockdowns eased, more travelers opted to book homes instead of hotels, helping Airbnb post a surprise profit for the third quarter.
From Fox Business:
The home rental firm went public in a blockbuster initial public offering in December, its shares more than doubling in their stock market debut. Shares of Airbnb rose as much as 10% to record high of $187.42 on Thursday.
The rental platform has been canceling home-sharing reservations in the Washington D.C. area for President-elect Joe Biden’s inauguration’s next Wednesday after law enforcement warned of a threat from armed militias.
Chesky recalled the white supremacist rally in Charlottesville, Virginia and said that he did not want the platform facilitating people traveling to commit violence in communities.