But things started looking up for the company in May as US states and countries around the world began to lift their restrictions on travel and commercial activity. By mid-May, the number of global bookings made each week for short-term rentals — Airbnb's core business —Data the company released more recently indicates its business has only improved since then. On July 8, customers, the first time the company had seen that volume of bookings since March 3, the company said this week.
Chesky has another reason to press forward with an IPO — employee pressure. Reportedly a significant portion of stock options awarded to some of the company's earliest employees are set to expire later this year. Much of the compensation that employees see at startups comes in the form of shares and options; many trade higher cash salaries for the chance that they'll see a big payoff when the startup goes public.
One potentially ominous sign for Airbnb is that the market remains down on travel companies. The share prices of the major carriers such as American Airlines and Southwest Airlines; the hotel chains, such as Hilton and Marriott; and the online reservation companies such as Expedia and Booking Holdings, are all still well off the levels they were at pre-pandemic.
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