FILE PHOTO: Airbnb logo is seen in front of diplayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Airbnb lowered its internal valuation by 16% to $26 billion, as the home rental firm deals with a sharp drop in bookings due to the global spread of the coronavirus pandemic, the Financial Times reported on Thursday.
The staff were informed of the new valuation by Chief Executive Officer Brian Chesky at a company-wide meeting on Thursday, the newspaper said, citing one person familiar with the presentation.
Airbnb was valued at $31 billion in its most recent private fund-raising round, according to data provider PitchBook.
Airbnb did not immediately respond to a Reuters’ request for comment.
Reporting by Bhargav Acharya in Bengaluru; Editing by Sherry Jacob-Phillips