Want Airbnb in ownership of CEO Brian Chesky? You can because he listed his property on the platform

By Judy J. Beasley Last updated Dec 11, 2022

Airbnb, Inc. (NASDAQ: ABNB) CEO Brian Chesky has continued to increase room supply on the travel platform, with the average price per night rising more than 40% from pre-pandemic levels, the Financial Times reported.
He outlined countermeasures, including a decision to pay existing hosts to help new ones settle on the platform as longer-term plans to reduce cleaning fees.
Among the new hosts joining the platform is Chesky, whose San Francisco home is now among those listed.
The average daily cost of a stay on Airbnb was $156 from July to September, up 5% from 2021 and more than 40% from 2019.
“If you’re looking for a city on a certain day, sort of at the last minute, that’s not what we would want at all,” Chesky said. “So I’m not satisfied; I wish it would become more affordable.
Chesky said the rise in rental rates continued to be driven by supply constraints in popular locations and a dramatic increase in the cost of cleaning fees being added to guest bills.
He considered launching a marketplace that would allow local cleaning providers to compete more directly to lower rates.
Supply on the site showed signs of recovery, with active listings up 15% from a year ago. Airbnb launched several service updates this week to increase the number of rooms and properties available.
Airbnb said it will also verify the identity of all Airbnb customers by spring 2023. Chesky said Airbnb has no plans to freeze hiring or change its hiring plans. .
The company has increased insurance coverage to $3 million and now includes guest cars or boats parked on the property.
Price action: ABNB shares traded down 1.5% to $105.39 when last checked on Wednesday.

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