The company is facing what most businesses-tech or not-are dealing with. In response, we raised $2 billion in capital and dramatically cut costs that touched nearly every corner of Airbnb.” Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019. He was forthright and didn't try to spin the narrative by saying, “We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill. Today, I must confirm that we are reducing the size of the Airbnb workforce.” Chesky then advised his employees that he will be transparent and offer details, so that everyone is fully aware of what’s happening. In a message to employees, Airbnb cofounder and CEO Brian Chesky said, “Some very sad news. These companies rely upon people being in close proximity, whether it's in a vehicle or workplace. Uber, Lyft, WeWork and other startups find themselves confronting similar issues. The days of taking a trip to an exotic location and renting an Airbnb were abruptly halted by the pandemic. Self-distancing and ensuring that you are safe from catching or spreading the virus became paramount. All of the key ingredients for making the company successful proved counterintuitive.
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