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AirBnB is a company I want to IPO more than any other just so I can see their finances. The idea is so simple, so universal, and (theoretically) so profitable
by MegaButts 10y ago
AirBnB is a company I want to IPO more than any other just so I can see their finances. The idea is so simple, so universal, and (theoretically) so profitable that I was surprised that they only just became profitable. I assumed the company had been printing money for years, back before they had to deal with lawsuits, regularly avoided taxes, and when everybody still loved them.
It doesn't surprise me that they're profitable at this stage, but the fact that it took them so long to get there on a completely unlevel playing field (competitors pay taxes, have better customer service, own physical property, etc) makes me seriously concerned about the future prospects of this business.
I obviously don't have the data, but it seems people are growing to like them less and less. Whenever founders have a sense of entitlement (I've met Brian and Joe - they came across as arrogant) it doesn't end well when they suddenly have to play by the same rules as everyone else. AirBnB is way too big that they can shirk the law anymore, and as the public grows to dislike them more their lobbying efforts will become increasingly futile (just look at what happened in New York).