(Reuters Breakingviews) - If there’s a company WeWork wishes it were, it could b...
The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris, France, March 12, 2019. REUTERS/Charles Platiau
Airbnb, which connects travelers with vacation homes and rooms for rent, was valued at over $30 billion in a private fundraising back in 2017, according to news reports. And as a prelude to confirming its listing plans, it said this week that second-quarter revenue was well over $1 billion. The company said previously it had positive EBITDA in 2017 and 2018.
Investors have taken fright at the absence of a trajectory towards profitability, partly because WeWork lacks significant economies of scale and faces lots of potential competition. There’s also a surfeit of red flags surrounding governance.
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