Extremely troubling developments for Airbnb in the light of the impending IPO. For several years now, the company has actively and deliberately sought to keep hidden the true scale of the takeover of the platform by professional property managers and commercial entities, preferring instead to sell itself on its increasingly mythical 'live like a local' image. However, with full disclosure being a key and critical element of US Securities Laws, it appears that it may now finally be compelled to lay bare the real data.
The truth always comes out in the end.
"Dozens of affordable housing groups and community organizations that have long accused Airbnb of exacerbating housing shortages are taking their grievances to U.S. financial regulators just as the short-term rental giant prepares to go public.
In a letter to the U.S. Securities and Exchange Commission viewed by The Information, the groups complain that Airbnb hasn’t complied with rules limiting short-term rentals in many cities. They contend that Airbnb should be required to disclose more information to investors about how many rentals on its site are run by professional property managers"
https://www.theinformation.com/articles/airbnb-opponents-take-fight-to-sec-ahead-of-ipo
Penelope
