저자: BillAckman · 외국인
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2021년 2월 영상은 에어비앤비(Airbnb) 창업 스토리와 IPO 직전 빌 애크먼의 스펙(SPAC) 합병 제안 무산을 다룬다. 에어비앤비는 2020년 대출 등으로 IPO를 연기했고, 애크먼이 스펙 합병으로 최대 50억 달러 규모 상장을 제안했으나 회사는 전통적 IPO를 고집했다. 창업 과정: 2007년 샌프란시스코 임대료 문제에서 시작, 2008년 airbedbreakfast.com 출시, SXSW 실패 후 민주당 전당대회 시기에 오바마·매케인 캐릭터 시리얼 판매로 약 3만 달러 수익. 와이 콤비네이터 시드 투자 후 뉴욕 호스트 사진 촬영 지원으로 성장 가속, 2010년 그레이록·세쿼이아 투자 유치, 2011년 도난 사건 이후 보험 정책 도입과 2013년 신원 확인 도입. 사업 특징: 다양한 가격대(저가 숙소부터 성, 이글루, 펜트하우스), 에어비앤비 익스피리언스 등 부가 서비스(2016년), 호스트 수익성이 장기 임대 대비 높을 수 있음. 리스크: 뉴욕 등 도시의 단기임대 규제 소송과 추가 수수료 부과. 상장 결과: 공모가 68달러에 비해 첫날 시가 139달러로 100% 이상 급등, 회사가 약 40억 달러 이상을 테이블 위에 남겨뒀다는 평가. 대상 자산 중 직접적인 가격 방향 예측 발언은 없음. 출연자 전망은 확인된 예측 발언 없음.
다듬은 글
airbnb the short-term home rental company was planning to go public in early 2020 but delayed it because they had to take out a 2 billion loan due to social distancing as such it was pushed towards the end of the year which potentially gave bill ackman an opportunity he offered the company the chance to go public through a spec deal ackman had much knowledge about the hospitality industry with his investments in the hilton brand with this offer the company could potentially accept up to five billion dollars and know up front what valuation they would receive instead of having to wait the week of the public offering this also prevents the company from leaving money on the table when shares start trading so what made airbnb so appealing to ackman let's take a look at their history the vacation rental company that disrupted multiple industries started its journey back in 2007 when its two co-founders brian chesky and joe gebbia were struggling to find a way to pay for rent in the san francisco bay area being industrial engineers they were aware of an upcoming industrial design conference where the hotels and lodging in the area were all booked up joe who once before offered someone he had just met to stay at his place on an air mattress pitched his idea to brian to offer people a place to stay for some quick cash for their rent they had three guests that signed up and the founders showed them around town and provided them with breakfast feeling excited about their first successful booking they believed that conferences were the target for their business brian contacted his former roommate and airbnb's third co-founder nathan blitcharcic to use his software engineering skills to create a website to post their listing the site was called airbedbreakfast.com and officially launched on august 11 2008.
they launched in time for the south by southwest conference in austin texas south by southwest is a huge conference where creative ideas and businesses come together but this turned out to be a failure with only two bookings reassessing their idea they thought maybe it wasn't exactly for conferences but rather for traveling when the demand for bookings were high to take another run at their original idea they targeted the democratic national convention where barack obama would be speaking in denver colorado the convention would bring in thousands of travelers and more than there was available hospitality but another problem was brewing they were running out of money and maxing out their credit cards to make enough money to keep their company alive the founders put their heads together to come up with an ingenious idea they were going to sell boxes of cereal resembling the two presidential candidates with one being called obama o's and the other being called captain mccain's to make this creative idea even more special they numbered the boxes so that they could market it as a limited edition you're probably thinking there's no way this could work so how did it turn out they were able to sell each box for forty dollars a piece and made a profit of thirty thousand dollars that's amazing the results were so amazing that the company was able to catch the eye of investor paul graham and get seed funding from his incubator y combinator with a little bit of money to help keep them going the company rebranded themselves to be called airbnb though this taste of success was short-lived the company was only making 200 a week and not growing faced with another challenge they carefully examined their listing to see what the problem was the company got close to their customers making bookings and the hosts listing their homes by engaging with them in new york city looking at the listings they noticed that the pictures were not the best reflection of what hosts had to offer to solve this problem airbnb hired photographers to take pictures of houses for the hosts this solution jump started the growth of the company and airbnb was on their way to newfound success getting close to your customer and being involved in user experience made a huge difference in finding the blockages of growth airbnb was able to get additional funding from many prominent investors including greylock partners and sequoia capital in 2010.
just over a year later the company was valued at a billion dollars when they were able to make their 1 millionth booking as the company was expanding problems were bound to arise because scaling quickly opens doors for trouble in 2011 a host wrote in her blog about the terrible experience she had encountered when renting out her home to a stranger when she arrived back at her home she found the place had been robbed and they destroyed her house in the process the guests smashed through walls to get to her valuables and airbnb was reluctant to help the company at the time maintained that listing was a do at your own risk deal and having something expensive like a grand piano stolen was highly unlikely the hosts wrote that when bookings are made the host doesn't find out who the guests are until close to the booking time the host even pointed out that posting on craigslist was better than airbnb because they at least gave them some warnings so how did airbnb respond after the blog made headlines airbnb gave in to a mounting backlash and pressure after they initially dismissed the issue they reached out to the host to provide financial support and promised transparency the startup company then rolled out a 50 000 insurance policy for hosts which then turned into 1 million dollars in 2014.
this turnaround really showed how the company was investing in their hosts success the company also started doing identity verification in 2013 by having guests submit some form of legal identification with a picture to increase transparency what people love about airbnb is that all parties involved benefit greatly when people travel they are given a wide range of prices they can choose from the airfare is already eating away at their budget and so travelers don't need hospitality taking another huge bite out of it travelers can get a place to stay for as low as 20 dollars to five dollars even when they travel internationally to expensive cities like tokyo these prices are tremendously cheaper than hotels that have many hidden fees oftentimes traveling internationally you are not there to stay in your hotel and are spending the majority of your time experiencing the area but there are also those who would like to travel a bit lavishly and rent a high-rise condo or mansion which is also available airbnb has tier levels for some of their listings such as airbnb plus that is recognized by the company for meeting exceptional quality comfort and style they also have airbnb lux which have very high-end services available along with a stay at a penthouse villa or even a castle the range of types of listing reaches even further than just luxury types people can book igloos and tree houses recently air streams and houses made from shipping containers have been becoming very popular the types of homes you can stay in are just incredible in 2016 airbnb introduced airbnb experiences where hosts can do simple activities such as being a tour guide or teaching a cooking class and with such a diverse community of hosts the company offers one-of-a-kind activities such as learning to eat fire or using survivor skills to open a coconut without a knife on the opposite end hosts are making a tremendous amount of money compared to long-term renting out an apartment when comparing the cost of the two renting out short term can sometimes make you two to three times as much even if you don't rent out every day as long as you have a well sought after home but for someone who is just simply trying to make some easy money you can just rent out a room without any long-term commitment though many hosts and customers love the company airbnb has had its hands full fighting cities in the courtroom cities have made many complaints about short-term renting being illegal such as new york while other cities have been tacking on fees nonetheless airbnb has persevered through many challenges to becoming the company it is today even after many investors thought no one would let strangers enter their homes they are a fantastic example of how the best way to find out if a big idea will be successful is to actually do it seeing how the company's management handles obstacles and their amazing economical characteristics you can see why ackman made them an offer though the offer was on the table airbnb was adamant on taking the company public through an ipo unfortunately for them they left a lot of money on the table on the first day of trading the stock price popped well over one hundred percent jumping from the priced value of 68 dollars to opening at 139 dollars per share this left over four billion dollars on the table but who knows what a merger with a spec would have entailed what do you think about airbnb's decision to rebuff ackman's offer did you buy any airbnb stock if you like this content don't forget to leave a like and subscribe
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