AirBnB is the loser; people who bought at the IPO price are the winners. Let's say a company IPOs by selling 1,000 shares at $1/share. An investor buys them al

AirBnB is the loser; people who bought at the IPO price are the winners. Let's say a company IPOs by selling 1,000 shares at $1/share. An investor buys them all. Opening bell rings and demand let's that investor sell shares at $2/share. So the company sold 1,000 shares for half of what people were willing to pay. The investor bought shares at half the price they could sell them for.