Airbnb Cutting 25% of Staff as Global Travel Slumps

The video discusses the severe impact of COVID-19 on the travel industry, focusing on Airbnb's response. Airbnb has raised capital and cut costs, including layoffs, due to the uncertainty of travel's return. The company plans to reduce investments in luxury travel and hotels, refocusing on its core business of home rentals. The pandemic has jeopardized Airbnb's plans to go public, prompting a return to its original mission of serving everyday hosts and travelers.

What major action did Airbnb take in response to the travel standstill caused by COVID-19?

• Raised $2 billion in capital

• Launched a new travel magazine

• Increased investments in luxury travel

• Expanded into new markets

According to Chesky, what will Airbnb focus on as part of its strategic shift?

• Investing in luxury travel

• Returning to its roots of home rentals

• Reducing costs in the hotel sector

• Expanding into transportation

What was one of the sectors Airbnb planned to reduce investments in?

• Home rentals

• Luxury travel

• Transportation

• Content creation

How did Airbnb's diversification strategy change due to the pandemic?

• It planned to launch a new magazine

• It aimed to return to its core business model

• It decided to buy more hotels

• It increased its focus on luxury travel

What was the impact of the pandemic on Airbnb's plans to go public?

• It led to an immediate public offering

• It accelerated the process

• It had no impact

• It put the plans in jeopardy