26 Burst results for "Brian Chessy"
Interview with Airbnb CEO Brian Chesky
"Talk to me about going forward and connecting people and the focus. You're putting on experiences but also on the lives you can create for your host. Who in part. I think are taking equity and becoming quite important for the brand. We've just heard in london here this week. That uber has said its drivers will become workers with benefits and minimum wage. So they're getting brought into the companies. So how do you sort of to advance the experience of your host but also the people that are using the platform to rent yet to great questions. Maybe i'll start with the second question host. And then i'll go to the first one the different like let's just take us versus uber. One difference in us an uber is the founders of uber created uber because they wanted to be writers another words they said it would be awesome if i could summon a black car so they started on the buyer side. We were totally opposite. My roommate and i weren't desiring to have a service like airbnb to travel because we were too broke to even want such a service. I mean we would have loved it but we were so broke. We just wanted to way to make money so we really started as host. So in that sense. I think this is a company of hosts by host for host and even if we have veered from that in the past. We're back there. And so i'm very proud of the fact that number one host have made one hundred and ten billion dollars on our platform since we started. That's pretty cool. The next thing. I'm saying i think it's cooler. Fifty five percent of that income has gone to women most ecommerce platforms. The vast majority economics. They're not evenly distributed on airbnb. The vast majority of income is outside the united states and more than half of it goes to women. it's a pretty diverse audience. We have four million host on airbnb. Ninety percent of our hosts are individual people so there is a question. How many of these are professionals. The answer is ten percent ninety percent of individuals. The most common careers are healthcare workers schoolteachers. In students these are the three most common professions that we've seen so these are truly everyday people like my parents. My parents are social workers. And it would make sense that people who need supplemental income would be everyday people for the most part one of the things we did before it went public. Is i got a piece of advice from somebody. They said. institutionalize your intentions. So that even as a public company you can minimize conflicts. Your vision and what they really meant was wants to go public. The cement of your company gets a little harden. What do you want to bake into the company before you go public. And i said one of the things i want to bake in is to create a host endowment. I want to set aside equity for host and so one of the things we did is we took nine point. Two million shares of airbnb equity and we put it into is essentially a airbnb host endowment kind of like a college endowment where it would grow every year but then some of the appreciation would get distributed into the host each year. So that was the idea that endowment is nearly two billion dollars today and growing. I hope it's one day. Larger than most college endowments and we created a host advisory board of seventeen host from fourteen countries to advise us on how to spend that money and reinvest it back to the host community. We also allowed host to invest in our ipo. And we had. I think it was fifteen thousand host. If i'm not mistaken who invested. They bought stock at sixty eight dollars. A share as you know the stock prices at the time of this recording around triple so those hosts have done really well and if i could allowed winning more host to invest in the whatever but we had some sec regulations that limited us and so these are just some of the many things we tried to do. But i just want to say like our commitment to host just beginning. Because i've committed to putting more than one hundred million dollars in my own equity into the host endowment and we're gonna continue to invest in our host because we are nothing without our host and in the end the day everybody's more of a community anything else i mean. Yeah we are a technology company in a sense but with people are buying isn't technology and they're not buying real estate we're not like zillow wh- senator of our company our host and our people and so that leads to the second question. What is airbnb about in. Where's it going when we started airbnb. Our first tagline was travel like a human. The idea was that you were like kind of treated for who you are. And you're seen for who you are valued for who you are and that was kind of the idea. I mean it was idealistic. But i can tell you. We definitely believed it in the early days and we realized that i had these two crazy ideas when we start airbnb. These crazy beliefs and people thought i was absurd. The first idea was we thought people were fundamentally good. That sounds kind of crazy because if you open any newspaper you wouldn't think they're good. People are good wise every headline about the worst of humanity. I think there was a famous quote by a former chief justice. The united states. You said i don't read the front page of the newspaper. I read the sports section. The front pages filled the man's failures. The sports pages. Filled man successes. I kind of feel like despite what we read in the news. People are funny. Good and i can tell you that we have the data to prove it. We probably more than anyone to prove what happens. When a hundred million people live together. Mostly good things sometimes bad things but statistically people are good and the second thing is true is that people are ninety nine point nine percent the same and you would never think that today given that we are so divided and yeah we spent a lot of time energy celebrating that point one percent. That makes us different. We call that culture in other things but let's not forget that we're mostly the same deep down and if you think people are good and their most the same then you'd believe that it's better to bring them together than divide them in separate them. That was the idea behind airbnb and so real estate and housing is just the beginning. We launched a few years ago. Airbnb experiences air experiences are essentially just three hour activities where you can have a host host. One other passions. You can go to tuscany. And make pasta with grandma grandma. Non an arena. Who's like an eighty plus year old grandmother who grew up during world war. Two and tells you about living in italy during the rise of fascism and then kind of what happened after and she tells you about her famous recipe and you make pasta in her house with and then you eat around the table this alternative to going to restaurants a pretty cool alternative so we have these like really interesting experiences and i think experiences is going to be a really really big product. I thought last year was going to break out year. But of course social distancing met we put on pause but we're looking at many new ways to try just connect people again. I think this is one of the loneliest times in human history right now. I think most people listening would probably say they felt some type of loneliness in the last year. We've been so separated. And i think in life we sometimes appreciate things when they're taken away from us and human connection and travels been taken away from us and i hope that makes us value at more than ever before and i'm pretty concerned about the amount of isolation happening and i don't think that social media and digital connections are fully nourishing. We actually do need real connection with real people. And i actually think it's good. Connect people are different than you. If you wanna like bridge the divide in any country. The best answer. I've heard is to just walk in other people's shoes don't argue over the internet. No one's ever changed. Someone's mind on a youtube comment section to my knowledge. But how could you not change your mind when you walk in someone. Just home live in their home walk. In their shoes do their activities. You may not agree with them but you will find that. Most of them are good and they're mostly just like you deep
"brian chesky" Discussed on Masters of Scale with Reid Hoffman
"On your vision. I thought about that a lot. This is two thousand seventeen because he had just left office. We had met in a restaurant. Dc we talked about this. And then johnny. And i did up in soul-searching so we ended up developing this framework where we said. We're going to institutionalize that we're going to serve all of our stakeholders not just our employees. Not just our customers. Not just their investors everyone is we create this framework. We said we have five stakeholders. Our guests are host our employees our communities shareholders. We wrote out. Principal stu how to serve them. And i don't want to suggest. Therefore we think were holier than thou. We've had a lot of challenges with cities and communities and a lot of the challenge that we had because we grew so fast in before we could build relationships in consider a lot of the impacts of said. We're going to slow down and we're really going think about this. I think that became a muscle that was tested at the moment. Crisis happened whether it was giving towards fifty nine hours around balance sheet to host or in the midst of a crisis working on frontline stays where our host provided housing it became muscle memory so even before this framework charlottesville what happened. We actually banned reservations from white nationalist. That we're trying to book on our platform. We have a pretty sophisticated trust and safety and that was able to intercept these reservations and cancel them so each step of the way we tried to really do not just what was expected us. But more of what's expected of us. A lot of the public has been sometimes losing confidence that large corporations will do the right thing. And if you don't institutionalize serving other stakeholders you won't do it. Because the shareholders you're going to serve you have earnings calls and if you don't serve them. The stock price goes down. People's compensation goes down. So how could you bake serving all your stakeholders as serving your shareholders. And it's the best thing for shareholders because the best thing for your investment is society wants us to exist and that we have to do more than just run a business that was the predicate for all this and again. It doesn't mean we always do the right thing we try to but we don't always get it right so the first step is acknowledging that you're not perfect and you're growing. During the inauguration we noticed a lot of people gathering obviously dc one of the thoughts. We set ourselves where they all staying tonight. All those people reading the capital. Where were they staying. And i thought to myself some of them presumably. We're staying in airbnb. We start getting word that there were mass plans for protest. Coming up again for the inauguration and we said we cannot be a party to this so we ended up consulting our stakeholders so we consulted the mayor of d. c. The governor of virginia baltimore. Initially we created a plan to limit the number of reservations and that we just made a game time decision and we said you know what we should just block. All reservation risk is too high to the country. We can't be part of this. I don't know if it's a bold move but if felt it felt like you know maybe a little nervous you know decisions. You make are kind of nervous to make them yet. Little butterflies like yet. I hope we got this one right. And that's what we did but we didn't try to make a decision that we thought people would agree with or to get applauded one of the things. I've learned a crisis as you gotta make principal decisions not business decisions. A business decision is. I'm gonna do this thing. And then people are going to applaud me for it in the business. Go up the problem with that. Is you're trying to predict the outcome and in a crisis you can't predict the outcome so i said we're gonna make principal decisions. Meaning if all is lost. How do we want to be remembered. So let go of the outcome anchor on first principles and things like as you're describing the inauguration week to the principles are they imbedded enough in the company so that you don't even have to get involved and everybody knows this is the principle that follows or does this come up to you and are you the one who's making the call about whether we close or what we do. Is it like the wind where you're writing each word this one. I'm proud to say. I didn't make the decision. The team came to me with the recommendation. But the reason they did because i think it was in their muscle memory. Because we've done actually a lot of things like that in the past. The best thing we've found is just build quiet capabilities and then build the muscles and at the right time still be noticed or have faith. They will be for four years. Not a lot was noticed and then suddenly pretty much a whole year of crisis we had to put the whole thing to practice just became second nature of the company that you consider everyone when you make a decision. It doesn't mean you make everyone happy but you consider everyone. We talked last spring about the stress. You were feeling the challenge of the isolation and this was only a few weeks into the lockdown before so much of this has unfolded. How is the year like how have you managed isolation. do you just get used to it. Yeah i think. I said this a year ago it occurs to me. This is the most isolated that humans have ever been in human history. If this was a thousand years ago all of us would have perished. There was no amazon prime health insurance to keep you alive. We only survive together but this is.
Post-Pandemic Cities Might Actually Want Airbnb Around
"Has been a roller coaster year for a lot of businesses. Few more nausea inducing than airbnb. The company saw an eighty percent drop in business. Last spring is the pandemic hit. It laid off a quarter of its employees raised. Two billion dollars in private funding hurried the heck up and introduced online experiences like virtual cooking classes to try to make any money at all but by december airbnb had recovered enough for a blockbuster. Ipo and a profitable third quarter now. The companies facing the return of its core business plus. It's pre existing challenges like being blamed for housing shortages and new ones like whether to house rioters planning to storm the us capitol. Brian jesse is the ceo of airbnb in the wake of the january. Six insurrection in washington. Dc thought occurred to us and the thought was. Where are these people staying. And the next thought occurred us weight. People are gonna come back to dc and we said we're going to cancel all reservations for the weekend gration dc. That i think we learned the lesson a longtime ago that we have to take more responsibility because our product is in the real world and that's led to us having agreements with more than thousand cities around the world. I want to ask you about that. Actually because that is been that was sort of the other bubbling thing with airbnb. Is this relationship with cities and weather. Airbnb is partly to blame for the lack of affordable rentals as you sort of prepare for that part of the business to come back in force. How view rethought your relationships with cities and housing. I think kobe allowed everyone to take a breather. Think we got a bit of a reset and the relationship with some cities city started approaching us. Some actually said they wanted to get more demand because they said we have major budget shortfalls. Now we have major tourism shortfalls. So you think it's the kind of reset where cities were like. Oh we need you as opposed to you erin. Pnb have to do more to deal with the question of how things play. maybe not. They need us but they say oh. Maybe we can work together. I feel very optimistic about our ability. Have great relationships to cities. And i think the other thing that's going to happen travel. People aren't just going to travel the same fifty cities anymore. And that has had a way of redistributing travel to more communities because primarily. A lot of the conflicts are too many people one place at the same time. You've also said that you think this idea of digital nomads could be big people booking longer term stays do you think that could improve relationships with cities and neighborhoods too because people are not coming and going so quickly. Yeah i mean. I think the other trend is our businesses becoming less transient monthly. Rentals is one of the fastest growing parts of our business. But but i think the other shift is stays are going to be longer. And i think there's going to be this blurring of the line between traveling and living. It means that people a lot of people saying that they don't live anyone place anymore or they used to be. You live on place and you go one or two nights for a business meeting and like one or two weeks vacation now a world where you work from home means the world you can work from any home and so i think you're seeing people where i think i think three day weekends. We'll be every weekend for a lot of people. i think. Some people will take five day weekends. I think significantly more people will live in a different house over the summer than the house. They currently live in where they use in the same house. I think it'd be very normal for people to go to a different house for the summer. I mean it just makes by the way total sense. Why one would do that. And if you could say well how do they ford it where they can rent their house and they're gone so you can net it out. So these are things are going to happen but you're going to also have people. They're just purely nomadic. Maybe not people families but retirees and an empty nesters or you know young people single people people who like can move. I mean i always had a dream of like what. If i could go to like you know a different city every month in live there. This would be super interesting. Think about all the people you would meet all the connections you'd have By the way in this new world you can still stay connected. All the people used to know. So i think this is where travelers going. Travelling living blurring together
Agency homing in on social media companies' data collection
"U. S Federal Trade Commission has issued orders to Amazon, YouTube and Facebook and six other social media companies to hand over information. But how they collect and use information from users, the country's top privacy regular, saying the firms use of consumer data is quote shrouded in secrecy. The sweeping demand comes after the agency sued Facebook for alleged violations of antitrust laws just last week. Discuss We're joined by Mark Mahoney, managing director at RBC Capital Markets. So Mark obviously the pressure from the U. S government on Big Tech in general has been ratcheting up. How much does this latest salvo from the U. S government changed the equation. Just write it just like your expression. Emily. It just cracks. It's up the pressure on these these companies, and it's become a clearly a bipartisan issue. You notice that, in the congressional hearings in the middle of the summer is what I called up opening of a congressional bipartisan can of whup ass on on Big Tak. It's Republicans and Democrats. So yeah, these these companies have planned to become very large, very powerful, and there are legitimate questions. So it's the weather. They become too large, too powerful both in terms of their acquisitions and then their internal practices. Privacy issues are a little bit separate. But you know the scrutiny is a super high and at that leased it very much limited ability of these companies to do any large scale acquisitions. This statement from the FTC today, the decisions that prominent online platforms make regarding consumer and customer data remains shrouded in secrecy. Critical questions about business models, algorithms data collection and use have gone on answered. Policymakers and the public are in the dark about what social media and video streaming services due to capture and sell user's data and attention. It is alarming that we still know so little. About companies that know so much about us. You know, as somebody who has covered these companies for so many years, you know, I'm sure this is probably the height of scrutiny that you have seen on these companies from the U. S government. How big a risk should investors take this into their calculations when they're thinking about whether to invest in these companies that already high Valuations. Well, let's see, I you know, we regulatory issues aren't necessarily new Google is paid. I think about $10 billion now and find space book is a those air European finds Facebook has paid about 5 to 6 billion to us to the FTC for violating a consent decree or acknowledging that may have violated a consent decree so investors were used to find Investors. They're used to this kind of scrutiny. So I don't think it changes the investment thesis on this name. You'd have to really have a required break up or required changing business practices. But Emily, you've tracked decision industry for a long time. A lot of these models. It's kind of a trade off for consumers. You you know, if you want a free service, you have to give up some of your privacy. You have to give information and by the way, in many ways, I think it actually makes the service a lot better. You get targeted ads rather than junk mail on. I think most consumers prefer the targeted ads, how, In fact, they get the information to target the ads. I mean, that's kind of a secret sauce for a lot of these businesses, and they probably not tell regulators or anybody that for competitive reasons, but they may be forced to now because of regulators, and so anyway, that's that's the new issue, but I don't think it changes the investment thesis on this name for good for for investors. What about the risk in particular of Facebook being broken up? Given that the FTC certainly it's not required, but the FCC has suggested that could be a remedy spinning off instagram spinning off. What's up? Well, it could be one of the smoking guns Emily that came out of this congressional hearings this summer and, by the way, was already brought up in a couple of really great books that have been published in the last year or two about Facebook and Instagram quickly. Several fires book is that there's no question that Facebook bought Instagram, in part to take on what they perceived as a potential future competitors. And so the those air those are the things that antitrust laws they're sort of meant to stop or to at least address why there was The dress. The first time the FTC looked at that acquisition is a little bit of a mystery. But anyway that Z it does. It does raise the issue that these will be forced breakup. I think break up of what's happens a little harder to see what the rationale for that would be. It's not clearly in the same industry as Facebook. That was kind of the more about our thought. Colonel acquisition, but the person's gonna be there. I think it's unlikely they'll be required spin offs, but it is possible. Now you just put out a note on uber and you are pretty bullish on how they come out of the pandemic. Why? Tuck. I'm sorry, Emily. Let's see the uber. This remains our topic in the group. We have snow dust this multi year rise in the interest of ride sharing what I found. Most interesting. This from this report in the survey was the finding that consumers are finding new use cases for ride sharing. Dark Custer shot. He talked about this on the last earnings call that New Yorkers you specifically pointing to. We're starting to use ridesharing during the middle of the date or non peak commute times. Our surveys show that people Start to use ride sharing to run errands. If that use case continues, post Cove it and then you have your general use cases rising for social events. First for airport runs. What it means is that the use cases for ridesharing for uber for lift all then they're gonna be greater post cold Whenever postponed. It is. I thought that was an unusually bullish take away, So we continue to like Cooper. It's our topic in large cap. Now interesting. Uber's Obviously one of the companies that has struggled in the midst of the pandemic. Stitch fix is another company that your look looking at that struggled early on as well made big job cuts but seems to be taking off like a rocket ship. What do you seeing in terms of the path ahead there? So that's gonna be a covert recovery. Play on that retail is a category Emily just accelerate like a rocket ship throughout Cove it except for fashion apparel because we didn't want to buy clothes to go out because we weren't going out. But now we starting to think about going out. There's been a lot of pent up dollars. Uh, I think people will be looking to refresh their wardrobes. And in the meantime, I think Stitch fix Katrina like that, that company, I think they've done a lot of product improvements. And to me, that's what innovation product groups really tried that you do these for these companies over time, and I think investors kind of made miss Mr Underappreciated. Some of the changes that they've made the side is more personalized. They figured out new features that kind of game ified to service a little bit on. I think that you come out of covert. You'll see a really nice sharp recovery in both new users and in revenue it stitch fix. This has been one of our topics and small cap. We've had a dramatic surge in the shares, so it's become a pretty small by force now, but fundamentally, it's a much stronger acid. It will be coming out of orbit and it was coming in. That's why investors are excited. Now even covering take a long time Mark, and I'm sure you follow the Airbnb and Gord Ash I pose last week, doubling their valuations. Even Brian Chesky. The CEO, seemed stunned when I told him live on air, where the shares were about to open at As we head into 2021. Are you concerned about froth in the market? We're already looking at a couple of companies affirm and road blocks that are postponing their I pose till next year. As as we they try to get a sense of what is happening in this market. Well, yeah, This is unusual What we're seeing, and I don't have been a formal opinion, either Airbnb and or door dash. I wanna look at names this year, which have risen a lot because their estimates have gone up. So I look at a good classic case like a Facebook or an Amazon. It's not so much the re rating. We haven't seen these multiples. Five the moon. What we've seen this. The numbers have gone up Amazons. Everybody's estimates on the street for Amazon of Ghana materially since the beginning of the year because their revenue growth accelerated. There were big winners off of advertising on the cloud computing business, even though all three of their agents of growth have actually benefited from Cove it so I think there's less risk in a good, solid name like that, and my guess is that you'll see kind of a recovery back or returned by investors back to kind of the standard Bears of tech. Especially those that benefited but also came up with new investment initiatives. During the course of the year again, M sounds the poster child here. They're increasing their distribution capacity by 50%. This year, they really leaned in the cove it and I think what's gonna come out of that for them accelerated market share gains, So I think investors can still stick with that name and continued output for perform for them despite already out performing this year.
"brian chesky" Discussed on Bloomberg Radio New York
"Blumberg World Hank Waters, I'm Charlie fell a number of high profile earnings reports the past long after the bell. Let's recap. Here's what we got. We begin with Oracle second quarter adjusted revenue $9.8 billion. Estimates there 9.79 billion, also maintaining their quarterly dividend, 24 cents a share and the operating margin 47 cents versus 42%. A year over year. Lululemon third quarter net revenue as we mentioned 1.1 billion estimates there $1.1 billion adjusted GPS dollars. 16 estimates 88 cents It also says it will not provide detailed full year financial guidance. Also reporting after the Bell Costco first quarter revenue coming in at 43.21 billion estimates. 42.66 billion Costco's first quarter GPS to 62 versus a dollar 90 year over year turned out to be a mixed day on Wall Street. We did see the Dow, the S and P, both declining today. We had NASDAQ, though advancing up 66 points up. 5/10 of 1% stocks did fluctuate. For much of the day ending mixed. Those traders assess prospects for fresh stimulus submit the most intense negotiations since election day. And, of course, the big AIPO today, Airbnb surging 112% toward dashed by the way, which came out yesterday. Door Dash dropped today, moving lower by just about 1.9%. 10 year Yield 100.90% Gold Down 3/10 of 1% 18 34 the ounce and west Texas Intermediate Crude up 3% 46 90 a barrel on w t I let's repeat the equity numbers s and P down four down 1/10 of 1% the downtown 69 Lord by 2/10 of 1% that stack up 66 again of 5/10 of 1% and dance. Ah Bloomberg business Flash. All right, Charlie. Thank you so much as Charlie mention. The big guy Pierre of the day is Airbnb. He mentioned soaring 100. 13% today. Pricing at 68 closing at 1 44 71 a share on this is of course, one day after a blockbuster debut for door Dash Well, Airbnb CEO Brian Chesky spoke earlier today with Bloomberg's Emily Chang about the much anticipated trading debut. In this little clip from the interview, Chesky talks about how he feels about going public after saying it felt like a torpedo hit the company due to the pandemic, check it out. I feel really lucky, you know, sometimes in life, you appreciate something when you can face losing it. And so if I didn't appreciate it before this year, having stared into what felt like a best for travel and then to kind of rally together with thousands of people and rebuild the company from the ground up. Something that I think is stronger than ever was before the pandemic, and I I feel incredibly fortunate, and I feel like thankful not just for all of our employees, but for our community. Of course, that was Airbnb CEO Brian Chesky, speaking with our Bloomberg Emily Chang, anchor on the Bloomberg TV side. So let's talk a bit more about the company on what investors are paying up for. Joining us right now is mandate, saying he is Bloomberg Intelligence senior in the industry, Alice he covers technology for us. And he's with us on the phone in New York City, Amandeep. Nice to have you here. Good toe check in with you. Um, what do you make of this debut? Especially since you've been digging into the company following the company. Um, you know, what is it that we're gonna want to see from Airbnb going forward? Well, I thought going into this I P o. You know, these companies both door dashing Airbnb were priced appropriately, You know, Airbnb around 50 billion Now that it ended the first day at $100 billion Market cap. I think the key question that investors should be asking themselves is how long can Airbnb and Gord Ash sustain this hyper growth face because that's what they're paying up for their paying up for these companies. Gaining market share and going growing above everybody else. And I in my mind, I think door dash probably has a longer runway in terms off. It's good potential. There is Airbnb is somewhat in a saturated market, You know, travel. Is the discretionary item and it will come back, but it's somewhat saturated in my life, So that's how I would view the two IPO's. Well, What's fascinating to is your right. I mean, Airbnb settled with a market cap of about 86/86 billion dollars. I mean, Hilton Worldwide has a market cap of 29 billion. I understand, too, though Airbnb doesn't have you know all of the physical assets necessarily. That are under some of these, you know, traditional hospitality chains, But nonetheless, you're right. Like you've got to think about what the what the growth run is for the next few years. Does this company grow into this valuation ultimately and doesn't do it fairly quickly. I mean not only growth you're talking about, you know growth in excess off 35 to 40%, because what could happen is once the growth tapers off. Let's say next year it go likely grow 60 to 70% because the comes Much easier due to the pandemic. But beyond that, in 2022 2023 once the grow tapers off, and you know they don't expand into new categories, the valuations will come down dramatically. And we have seen time and again with you. I pose The period from the time they start to trade till the lock of exploration. There is a lot of volatility because investors are making up their mind about the book potential and how much runway these companies will have. Right. I think about Listen, we're all going to depend on, you know on pins and needles. I think I said this yesterday that when that first earnings report comes out for both door dash and Airbnb, right, like we're going to just go over it, and you know it's kind of a reality check, ultimately for everybody. Exactly. And I think at the end of the day I do go back to the point about, you know, changing behavior every time there is a crisis. You know, the last financial crisis is an Airbnb was born, You know if it was started at that time This crisis has changed behavior. I think the sentiment around gig economy, especially online food delivery, grocery delivery has changed for the good these services. May end up becoming essential services going forward than they were, you know, prior to the pandemic, But then the question is the runway and we think there's the online grocery delivery, food delivery. Has a much longer on. We travel again in and it's highly penetrated. People have been using, you know, booking their stuff online so the runway may not be as large there. There's gonna be a lot of pent up demand in general for travel. But I do think that a lot of people will also go back to some of the traditional modes in terms of places to stay. Hey, Mandy. Thank you so much Good to hear your voice man Deep, saying he senior tech industry analysts at Bloomberg intelligence on the phone in New York City. You want to mention Also Broadcom, coming out with their latest quarterly updates, stock is down about 2.5%.
"brian chesky" Discussed on How I Built This
"WE WANNA get hundreds of thousands host just to update what kind of Internet do you have with the speed of your Wifi what's the buffering rate just because some people like they have work where they need to rely on it, and then we're going to ask like in reviews to confirm like Weiss lead. So really basic things like that. You of took for granted before we asked do. You have life I. Now it's like we'll help you asked is the Wifi because it really matters people I have to assume like with the hotel industry in the travel industry. A significant part of your business does come from business travelers right and presumably your business is still significantly lower this year this time this year than it was last year of not enough it's not often if not significantly. Wow. You're seeing you're already seeing sort of similar numbers right now than you were last year. So dropped by about eighty percent and I, mean nobody knows that this is pent up demand or not. But no, we're around last year's levels all around the world are averaged out. You know Latin America in Asia are lower north, America in Europe are higher. Wow and that's because people aren't getting on planes mix shift from hotels to homes I mean if you're in a city and you want to go out of the city to A. Small community, the smaller the committee less likely have. Oh, tell because a hotel only works with density right? You need much rooms you need efficiency, and so people are basically traveling into small communities while it turns out that's actually a really good use case for a home and we try to be very responsible..
"brian chesky" Discussed on How I Built This
"We have a recruiting team maybe we dedicate a percentage of the recruiting team to outplacement for the people being laid off. Maybe we could basically be an outplacement team to help them find. Jobs in the last thing I'll say is writing the letter I just really wanted to make sure I was just brutally honest with them but I also like you know a lot of times. The problem with these things is there's a certain way to act and a certain way to act is away where you kinda liked you. You're not vulnerable young you don't take too much responsibility and I was like the one thing people WanNa know is that leaders have compassion because this period of time if leaders don't have compassion than we are all in a very precarious situation and compassion means actually having heart. Actually. Think business leaders do have heart. It's just that they sometimes have trouble showing heart and so I used a word like love in a letter with to a layoff and it's kind of something very people do but I don't think it's something very few people feel it's just that the conventions of business get really cold but now I think it's pretty obvious that people do want to feel something I mean nine, thousand, nine, hundred employees had to be laid off but you still have a large workforce. Are you making sure that you're keeping morale among the people who who? Are still working at being me Oh. It's so hard I was warned ahead of time that not only is layoff going to be difficult but the months after a layoff when you can't even gather people that gets even more difficult. One of the things I've done is for the last five months I, do a weekly kind of Cuna. I said no matter what question you ask in Scotland this with the camera gets his little green light next to on a stare into that green light every week our this tell you everything that I can, and that's GonNa be our point. Of Connection, I tell people you're not alone. We're GONNA go on this together and I think that the key is you have to be optimistic in optimism is not blind hope but there are a lot of reasons to be optimistic when I was a kid my dad used to say to me things are never as good as they seem in this data's a seem won't. That's true. Weren't maybe as good as they seemed in January but that also probably means things aren't as bad as they seem here in. July I'm seeing the humanity of people the love that's come through the. Surface. You stubbornly now in a crisis were reminded of some of the things that are most essential and those things that are most essential are not the things that come in cardboard boxes to our front door that that essential is a relationship that we have people. That's what we have. The I'm let's talk about the Travel Industry Brian and let's talk optimism for a moment. You know when we told the AIRBNB story on the show, you had a lot of moments of despair a lot of troughs of sorrow originally, you and your partner sent out twenty e mails to investors. To invest not a single one invest in your company. You. Had several setbacks trying to stand up.
"brian chesky" Discussed on How I Built This
"Hey everyone and welcome to how I built. . This resilience edition on these episodes were talking with entrepreneurs and business leaders about how they're adapting to these difficult economic times and today show we're going to hear from Brian Chess the CEO and Co founder of Airbnb back in twenty sixteen, , we spoke with Brian's Co founder Joe Gebbie at, , and he told the amazing story of how they founded and built the company, , and if you haven't heard it, , be sure to check it out. . Now, , of course, , we are in a very different time and a few months ago Brian wrote a letter to the entire staff. . AIRBNB letting them know that twenty five percent of the company was going to be laid off. . This has been by far for us. . The most difficult thing that we've experienced since we started the company a dozen years ago and I think join us to talk about how starting airbnb basically this idea that like strange who live each other live with each other like that was the hardest thing we were ever GonNa do it was like pushing a rock hill and it turned out that trying to run a company that does travel preparing to go public in the middle of pandemic is about as hard. . And then doing all via Zoom Ios, , even more difficult. . I think that what people want right now <hes> just more fundamentally is connection is like the thing that we've always wanted we want connection to each other and now you have to fight for it. . You know you have to make a conscious effort for it get on the one hand I'm closer to some people I've ever been in my life probably closer to my life co-founders donate we talk all the time and when you're going through crazy periods of time, , it has a way of bringing you closer together but also has a way of making your bubble a little bit smaller and that's probably what's happened for me. . Yeah. . You <hes> you wrote a letter to your employees that is posted publicly that <hes> letter is was remarkable. . It was so transparent. . You had to lay off a quarter of your employees in May and you could see how painful it was for you to write that letter it was extremely transparent. . You described the process <hes> for how you had to make the hard decision <hes>. . But also you know that every employee would receive fourteen weeks of of pay plus Severinsen insurance for a year and they keep their laptops and there were resources to help the employees <hes>. . Kind of walk me through <hes>, , how you how you came to to write that letter and <hes>. . How you kind of dealt with that just emotionally. . Yeah <hes> there is no playbook. . To lay people off in that's the kind of thing that if there was a playbook, , you should never use it because the thing that people want more than anything. . They want humanity they want compassion and that means that you need to treat people like like people like individually not robotically you know when the crisis happened, , we felt in mid March it was pretty serious. . We spent twelve years building airbnb in the we lost eighty percent of business in eight weeks. . You know we're one of the success stories right and then suddenly eight weeks there's. . All sorts of concerns articles willer survive never thought. . I'd read an article like that. . And we made a lot of hard decisions. . We I cut enormous cost. . We cut over a billion dollars plan marketing spend. . We quickly raised two billion dollars. . It's not easy to raise two billion dollars. . It's more difficult to raise two billion dollars from your travel company. . It's a pandemic and you've lost eighty percent business eight weeks. . The people get nervous thankfully <hes> we had some great investors step up <hes> but we had to do that deal that was like over the course of seventy two hours still like get the deal done it was the. . Fastest deal thing from have ever done and they've ever done. . So before that layup even happened, , I wrote a couple principals and I said, , we have a hunt handful of stakeholders we have to I. . Make sure that we act quickly in with all stakeholders. . Remind we're going to be remembered probably for how he handled this crisis Andy Grove this famous entrepreneur said bad comes destroyed by crisis good company survive crisis in great companies thrive or are defined by crisis I said, , we're not going to be the kind of company will be destroyed by this. . We're GONNA try to take each of our stack holders and when we got to the employees, , we basically had exhausted options having raised two billion dollars. . We came to the conclusion that we would have to lay off when we confronted to hard truth the hard truth number one was this that we did not know when trouble would return nobody did and the second thing we knew is that when travel would return, , it would look fundamentally different than the travel before the pandemic and so our business would have to look different and we'd have. To . change the shape of our business that we focused on, , and so then we just realized that we had to approach this with a sense of humanity said we should be as generous as we possibly could be in not less generous than that. . Why would you do that until we came up with a handful of things that we did to try to help people in this very difficult time We did a fourteen sevens puts a week pre or service we felt like well, , this is a health crisis people need health insurance, , and so we made sure that everyone had at least one year of health insurance even after ever getting laid off one of the things that I'm most proud of that our team came up with <hes> Joe in the team came to me and they said, , you know what? ? We have a recruiting team maybe we dedicate a percentage of the recruiting team to <unk> outplacement for the people
How I Built Resilience With Brian Chesky of Airbnb
"Hey everyone and welcome to how I built. This resilience edition on these episodes were talking with entrepreneurs and business leaders about how they're adapting to these difficult economic times and today show we're going to hear from Brian Chess the CEO and Co founder of Airbnb back in twenty sixteen, we spoke with Brian's Co founder Joe Gebbie at, and he told the amazing story of how they founded and built the company, and if you haven't heard it, be sure to check it out. Now, of course, we are in a very different time and a few months ago Brian wrote a letter to the entire staff. AIRBNB letting them know that twenty five percent of the company was going to be laid off. This has been by far for us. The most difficult thing that we've experienced since we started the company a dozen years ago and I think join us to talk about how starting airbnb basically this idea that like strange who live each other live with each other like that was the hardest thing we were ever GonNa do it was like pushing a rock hill and it turned out that trying to run a company that does travel preparing to go public in the middle of pandemic is about as hard. And then doing all via Zoom Ios, even more difficult. I think that what people want right now just more fundamentally is connection is like the thing that we've always wanted we want connection to each other and now you have to fight for it. You know you have to make a conscious effort for it get on the one hand I'm closer to some people I've ever been in my life probably closer to my life co-founders donate we talk all the time and when you're going through crazy periods of time, it has a way of bringing you closer together but also has a way of making your bubble a little bit smaller and that's probably what's happened for me. Yeah. You you wrote a letter to your employees that is posted publicly that letter is was remarkable. It was so transparent. You had to lay off a quarter of your employees in May and you could see how painful it was for you to write that letter it was extremely transparent. You described the process for how you had to make the hard decision But also you know that every employee would receive fourteen weeks of of pay plus Severinsen insurance for a year and they keep their laptops and there were resources to help the employees Kind of walk me through how you how you came to to write that letter and How you kind of dealt with that just emotionally. Yeah there is no playbook. To lay people off in that's the kind of thing that if there was a playbook, you should never use it because the thing that people want more than anything. They want humanity they want compassion and that means that you need to treat people like like people like individually not robotically you know when the crisis happened, we felt in mid March it was pretty serious. We spent twelve years building airbnb in the we lost eighty percent of business in eight weeks. You know we're one of the success stories right and then suddenly eight weeks there's. All sorts of concerns articles willer survive never thought. I'd read an article like that. And we made a lot of hard decisions. We I cut enormous cost. We cut over a billion dollars plan marketing spend. We quickly raised two billion dollars. It's not easy to raise two billion dollars. It's more difficult to raise two billion dollars from your travel company. It's a pandemic and you've lost eighty percent business eight weeks. The people get nervous thankfully we had some great investors step up but we had to do that deal that was like over the course of seventy two hours still like get the deal done it was the. Fastest deal thing from have ever done and they've ever done. So before that layup even happened, I wrote a couple principals and I said, we have a hunt handful of stakeholders we have to I. Make sure that we act quickly in with all stakeholders. Remind we're going to be remembered probably for how he handled this crisis Andy Grove this famous entrepreneur said bad comes destroyed by crisis good company survive crisis in great companies thrive or are defined by crisis I said, we're not going to be the kind of company will be destroyed by this. We're GONNA try to take each of our stack holders and when we got to the employees, we basically had exhausted options having raised two billion dollars. We came to the conclusion that we would have to lay off when we confronted to hard truth the hard truth number one was this that we did not know when trouble would return nobody did and the second thing we knew is that when travel would return, it would look fundamentally different than the travel before the pandemic and so our business would have to look different and we'd have. To change the shape of our business that we focused on, and so then we just realized that we had to approach this with a sense of humanity said we should be as generous as we possibly could be in not less generous than that. Why would you do that until we came up with a handful of things that we did to try to help people in this very difficult time We did a fourteen sevens puts a week pre or service we felt like well, this is a health crisis people need health insurance, and so we made sure that everyone had at least one year of health insurance even after ever getting laid off one of the things that I'm most proud of that our team came up with Joe in the team came to me and they said, you know what? We have a recruiting team maybe we dedicate a percentage of the recruiting team to outplacement for the people
"brian chesky" Discussed on How I Built This
"To these difficult economic times and today show we're going to hear from Brian Chess the CEO and Co founder of Airbnb back in twenty sixteen, we spoke with Brian's Co founder Joe Gebbie at, and he told the amazing story of how they founded and built the company, and if you haven't heard it, be sure to check it out. Now, of course, we are in a very different time and a few months ago Brian wrote a letter to the entire staff. AIRBNB letting them know that twenty five percent of the company was going to be laid off. This has been by far for us. The most difficult thing that we've experienced since we started the company a dozen years ago and I think join us to talk about how starting airbnb basically this idea.
"brian chesky" Discussed on Yahoo Finance Presents
"It was very. Kind of first of its kind that we did so unpredictable. Done there. I think internally. We need to do more you know we in. We had a little bit of a setback. With the layoffs, because we disproportionately laid off non technical people, non engineers, and so he laid off fewer of engineers. The non engineers. While engineers are there dot, many black engineers, and so our diversity was hit by disproportionately laying off non engineers, and so we have a lot more ground to make, and we put out some targets. You know. We want a twenty percent of our board executive team to be people of color by the next year. We want our team to be you know fifty percent women, not forty percent women. There's a bunch of things we've done and so yeah. We have a lot more work to do in an I i. hope if if I get. If we talk again some point, I can tell you about the progress we've made. And finally the last question just to follow up on this president trump and you've been. or This okay you've been supporting. Democrats speak with the President Obama sometimes I understand in just wondering where you think things are headed as we get towards November. High China to wade too much into politics, I'm I I you know as we're in one hundred ninety countries. My here's my general principle about politics I've chosen with be speak out when it comes to issues that have anything to do with our mission our purpose so when president trump got elected, he instituted with I thought was a very bad idea. A travel ban in AIRBNB. We not only spoke out against it. Because travel ban is against what we believe in. We ended up spending a four million dollars to buy a super bowl ad to basically speak out against it, which seemed a little bit crazy at the time, but we did it so i. I think that like anything that's putting up walls between as anything that's trying to divide people unless it's for true health and safety reasons, but just arbitrary reasons are things. I don't agree with and I. DO think if you look at like the United. States response like the best thing I would recommend. People do is just look out one hundred ninety countries. We have one hundred and ninety experiments running simultaneously about how you could handle a crisis like this. I think that like coordination is always a good thing. And I think it's I'm not going to be only one to say. There's really opportunities there. But what I can happen. Who knows what's going to happen this fall? But I did read that this is going to be one of the most -ticipant elections in our recent history, and hopefully people turn out to vote, and so that's the main thing I'd say on that one. Brian Chess CEO AIRBNB. Thanks very much for your time. Thank you very much. You've been watching influencers. I'm Andy. Serwer will see you next time..
"brian chesky" Discussed on Yahoo Finance Presents
"We couldn't have enough money to make them whole. Because we bringing a lot of cash, but we took two. Two hundred fifty million dollars own money, and if at at that time shorter fifty million feels like a lot, because even you could say, you could just raise more money will at that point. It wasn't clear could raise more money. We were burning a lot of cash. It wasn't clear. Investors really want to give travel company more money right then, so this was a tough situation, but we did. We sent two hundred and fifty million dollars. Dollars money to host many of them were really appreciative. Others felt like should have given even more money. It was did the best. We could and ultimately stand by the decision, but I do feel like the way we did it. We should have consulted them, so that was the first one I. Don't know if you WANNA. Talk about the layoff at all. I wanted to elucidate a little bit on that one. Is that was? While the layoff was the. That was the That was probably the hardest decision I've ever had to make in. The probably the most painful thing of how to do as a company you know our mission is centered around this idea of belonging. So, how do you tell them? Nearly two thousand people can't work here anymore. It's a really hard thing to do but we you know we. We came to decision when we recognize two things. You know you know. TR-. We don't know when travels going to recover in April..
"brian chesky" Discussed on Yahoo Finance Presents
"So that's why I definitely don't want to rule out this year, but I don't want to say this year, because the world is changing so quickly and others. I can't predict what the world looks like. In next month's just like a few months ago. I couldn't have possibly predicted with today. So the best thing we can do is be ready. I mean it's. It is shocking that you're saying that your numbers good now as they were before basically an horace as they were last year at this year. Not As high as they would have been, had the pennant and I happened. 'cause we, of course going to grow but but you think that's pretty incredible is that we're spending a lot of money on paid advertising? We spent a lot of money on online advertising, and we pull all that back mostly because we were frankly hemorrhaging, a lot of cash in the business started coming back without us, you know buying like spending all the money on advertising, and that was a very unexpected surprise i. think it fundamentally says something. It says that we are still useful. There is a need people wanNA connect with local communities, local people and They think of AIRBNB without us having to advertise. They still remember US I mean. Is it possible Brian like? This spring was like one big punch to the Peon al.. I didn't know that. You said what Big Punch to that I didn't know. What was going to what we're was come next. Yeah, yes, it was absolutely wise. We had to A. Listen, when we started AIRBNB, we started a three bedroom apartment. The name of the company was called air bed and breakfasts, because it wasn't a bed and breakfast, we were literally leading airbeds. The reason I'm telling you that is because nobody thought it was a good idea to give three guys money that had inflatable mattress company renting if mattress base, and so because of that we had the learned to be really scrappy and we learned to. To get a lot done without a lot of money. And that was in a roots, and then something happened, we got successful, and they were raised billions of dollars in like every company that gets successful in racist billions of dollars. You know you writ, you start new things because you can and it. It gets easy easier today. Yes, than it does to say no and I think that what the crisis did is made us like. Like look back and say like we can't do everything we used to. But that means that has the benefit of US focusing on what makes us truly special and I think that yeah, like the the suddenly. We are so much more focused and we'll see. We'll see where it goes I do want the business to recover when it does I, do want to be able to rehire people that had to sit. We sad to say. Say Goodbye to, but we also wanted a careful that there could be second waived, so we're gonNA play by ear. I want to ask you about that I. Mean there there have been some frustrations by various constituencies of yours. You mentioned the employees. The layoffs some are Griping about stock options, obviously the at my understanding of the sex peration, and then of course, the refund situation, and that also caused some big ways as well. How did you handle that? And have those issues been ameliorated? You think the an I assume when you say handle that you mean the refunds specifically right.
"brian chesky" Discussed on Yahoo Finance Presents
"We want to be a little less reliant on buying customers. We to really just tell our story and get more direct traffic community, so he put her okay Asai in charge of running auto marketing. He was at apple for eighteen years. He led marketing and he was there from the launch. To the launch of the Apple, watch and everything in between, and so these were the main two. Leadership, expansions or hires that we added to really just get us down the strategy. For any kind of reminds me, you know that line from rahm Emanuel or he said. Never let a good crisis. Go to waste. Right him a little bit of this that this is actually. Maybe opportunities not the right word, but a case where you could refocus, rethink things, and and maybe even redirect the company. You know I think that? When you're in a crisis, you have a couple. Pass forward, and I think a lot of the mindset. You can either deal with the crisis as if if you're running a company. Oh my God. We just lost eighty percent of our business. Why me or you can say. How can I how can I help? Can I take? This is the learning to become better in for us. I thought to myself like. How can we number one conduct yourselves in this crisis, so that will be remembered by falling principles whether. Whether people agree the principles or not. They believe that we're principles. We use to make decisions and the second thing is. How do we use this as a jumping off point to say, here's now where we're going that. If you're going to go through a crisis, you're GONNA. Have this moment of introspection. You're like well. What are we actually care can for and I think that's what we're trying to do. I hope that we look back many years later and say that like This was a moment. The company really got back to its lanes..
"brian chesky" Discussed on Yahoo Finance Presents
"Pause we. We've paused our transportation efforts. We had I thought a really exciting transportation, really way to book a flight on AIRBNB. We've paused that we paused content in some of the really large property management companies that need additional support and software will that we're not doing as much there, so that's a lot and all in all. We produce more than a majority of our projects, so we it's been a real focusing effort for the company and the thing that's been exciting to see. Even though we've paused, the business can still come back and I. think that's important. Testament to maybe the foundation we built. Best Knitting. So you always to one degree or another compete with traditional legacy hotels and I'm just wondering. Do you think that bid has changed the competitive landscape giving either them or you more of an advantage? Heart hard to say I mean. Here's what I would say. Travel is changed forever. The world of travel as we knew it in. January is never coming back. It's never coming back I. feel very confident about that. What I'm not totally sure about is what is going to come back in. That's just guessing the future, but it's pretty easy to know once like hundreds of millions of people experienced zoom and they realized they. They don't need to travel for work like people will travel for work again. Just not everyone. Some people in a realize now they can do this thing. A whole bunch of people who thought they had to get on an airplane and go to a like a city. Stay in central district realizes well. There's four hundred National Party. United States and I live near. Near one, maybe I should go see a natural park and suddenly you can't undo all this knowledge so where I think travels going. Is this going to go from primarily business travel going to big areas Senate sent staying in big central districts to people traveling more for leisure to smaller communities near them, and I think this is unmistakable trend. How much of shifts? Shifts this way I. Don't know, but I know it's going to shift. It has never going back and I. Think Mass Tourism People being in line to get self reason front landmarks. I think that it's not going away, but that's GonNa. Get smaller because a new generation of people want I. Think a more authentic experience so I think. That's where this is going. Do. You support or oppose travel restrictions imposed by governors like New York's Andrew Cuomo on people entering state from other states with worse outbreaks Brian. I think it definitely is a case by case basis. So. I mean our general principle is that?.
"brian chesky" Discussed on Yahoo Finance Presents
"And I think pandemic has also been a bit of a reset for a lot of people, and I think it's been reset for us to. Losing things in in in go through crisis y'all our business kind flashed before our eyes, and in that period of time we asked ourselves like well. Who Do we want to become? What don't we want to still lose? What do you want to hold onto? We can't keep everything. What is the most court AIRBNB? What's the reason that people would still want this company to Exist? Why do for us? It will be thought. Thought was well there really was something special. We started it. Was this idea that it wasn't just a place to stay? It was really about like connecting people and wasn't for everyone, but if you were kind of open, minded kind curious person, you can go to a different kind of community. Connect with people even if you didn't meet them, and we think that's the roots of Airbnb, so we want to get back. Back to the roots, and that means that a lot of things that we were doing before you know when we had a huge amount of abundance were not going to do as much anymore, but I think sometimes getting back to your roots back to the basics, doctor with his most different most corn special about you. That's never a bad thing, and it's kind of hard when you're on this runaway train that. That! We felt like we were kind of on for many years, but it's been a moment of a little bit of like okay. We're GONNA like focus. What are you going to do anymore? We've scaled back quite a lot of efforts, so we have. We still have a hotel offering hotel tonight. Which I'm very proud of, but we have scaled back the ambitious in Spanish and plans. We're going to be very very. Focused on Howard curing that offering, we had a luxury. We have a luxury product which were we are not expanding as much. Business Travel. We're not doing as much you can still use her. Be for business.
"brian chesky" Discussed on Yahoo Finance Presents
"So I guess, let's just take a big swing question i. What was it like? When Corona virus started to unfold, and you started realizing the impact on the company in the business. I never. We started the company over a decade ago and I thought that was the craziest experience in my professional life, and for many years, I said I'll probably never experienced something as craziest starting airbnb and in March I think we experienced that we spent twelve years building business in with six weeks lost about eighty percent of it in when the business. Drops that quickly, not only do you. There's this feeling of of losing much of what you've created, but things start breaking right like suddenly Guests wanted more than a billion dollars of refunds, and you know like you can't really plan for pandemic related refunds, because people are counting on that money to pay the rent, pay the mortgage, and so it just kind of felt like your you know like. On a ship and you get side swiped in it was it was. It was it was incredibly intense felt like everything was breaking at once. So right now. Tricky to though I mean. Let's be honest because it appeared like we're on this path. To recovery right and then I'll sudden. We've seen this resurgence, and then, of course we realize the degree to which different states it's always been that way, but even more so now may be different states. Present different problems. So where do things stand right now and maybe even more important? How do you even begin to manage things going forward? Yeah, well, the thing is really good to implement to point out. Is that means one hundred ninety or so countries, and so we? We we? We kinda get to see the experiment of different countries. Approaches play out because we're also very large in Italy in Italy also had a huge surge runs same time united. States did now. Italy has a seems like it's a little different place in what we're seeing. The United. States is that United States had a definite or like initial recovery, and it's now I think we're going to expect it to slow down. But one of the things we're seeing is a totally different way that people are traveling before Kobe people traveled a lot for business. They got an airplane's. They cross borders, and they went to big cities, and in the cities they stayed in the central who hotel districts and now a whole bunch of things are happening. People are saying they do want to get out of the house. Regardless what country they're in? They do have this need to get out of their house, but they are right. Right now super comfortable, getting airplanes, they WANNA..
"brian chesky" Discussed on Next Question with Katie Couric
"Because because I would like that future for myself. That's actually a really good idea was talk about that? Really idea. We should definitely talk about. What is the future of travel well? I'm hoping and I think that travel will get more focused on communities more focused on people more intimate, authentic, small, beaten path, be truly being connected to communities where you go not being an outsider being an insider, and I think that the last fifty years of travel has been very defined by being an outsider, the only other thing I'd say. Is I think that we used to Miss World where you lived in one place and you would take a week vacation else or you travel for business and I think that is also changing I. think that living and traveling will blur together. Because now you can like. You could go somewhere for a few months. Is that living or travelling or is this something in between and so I think you're GonNa? See this blurring this. The idea that people will be mobile. They won't just have mold devices. They themselves would be mobile. I think you're GONNA see. Travel being longer length of stay to smaller communities. To local authentic and. More immersive. Santeuil, maybe the one thing that makes that obvious to me is we ever want to know what the future will look like? Just look at what young people want because they're going to define that future in the younger the person is the more they want. Something that's authentic and the more they want have an experience, not own a thing. I remember reading that. All these small towns across America were dying, because the older residents were passing away the younger. Younger people didn't stick our WANNA stick around and they were all migrating to cities, because that was where the exciting cultural things were happening, so I'm curious what us what you see in the future for some of these major metropolitan areas. Do you think that there will be a return to more rural kind of pastoral or bucolic, and all those words life styles yet I in the short answer is yes, but I thought that the small communities. Pittsburgh's. A Pick Pittsburgh and Cleveland I thought they were going to see a resurgence, but I thought that would happen over the course of ten years, so I thought you know before Kobe that may by the or twenty thirty or forty that you would see the rise of small communities in the reason. Why was? You know for the first time. In human history, more people live in cities and out of cities in the cities they're they're conquering to are not just metropolises metropolis. These are like ten million plus cities like New York, or you know SF is only a million, but it feels really dense the second density in the country and then outside of the United States. And I think there was this problem. Where there was a little bit of an alien, nation of urban living, so people lived in apartment buildings, but they didn't quite know their neighbors. It was really expensive in cities. If you live in if you live in San Francisco, La New York London you'll anyone Livni, so you'll know how expensive it is. And the really was becoming like city life was becoming really really hard, and for each new generation going to city I think it was. It was getting a little bit difficult, and so we're in a way. I think we were reaching what I call a temporary permanent, a temporary peak city. I thought that was going to take a lot longer, and I think Kobe. Did is I think it accelerated that and I think the big other unlock was. Because now, people are realizing actually you can get work done without being in a space now to be clear I do think there's a huge value people being together. I also want to be clear that I do not think this is the death of the city at all I think it's a sine wave so I think you're going to see over the next five years. People doing what I'm recalling travel redistribution population redistribution. I think you're gonNA, see people travelling to smaller communities and I think people are kind of. We've got used to this industrialized mass tourism where where you were in lines and crowds I. think people really want something. Something more intimate, more authentic. What I would say though is the is the following I. Think New York's best days or head of it I? Think Los Angeles. Best days are ahead of it. I think big cities. Best days are ahead of them not behind them, but I think before they get better. They're going to get a little tougher and I think what's going to happen. Is that you're GonNa see this is a prediction, so the risk of predictions is. I'm wrong. But but I do think you're gonNA, see a population slowdown in cities. A lot of creative people I come from a creative background are GONNA choose. They were already. A lot of people were already not living in Newark. They were going to New Jersey they were going all sorts of other places just too expensive. They're going to redistribute, and then I think what's going to. To happen as soon as we're GONNA cheaper and as cities like New York, cheaper than a new generation of people are going to go into cities, but they're gonNA. Come and they're going to bring a whole fresh perspective to new urban living and I think they're going to do something awesome that like I'll. Be. You know in the next five or ten years? I can't predict. The city will be something different. When we come back, we ask Brian About AIRBNB race problem. That's right after this. What if you could make yourself happier every day in every aspect of your life? There is a way ninety percent of Americans saved grateful. People are happier and more satisfied, and they're onto something. Find out how appreciating your spouse changes the neurons of your brain, and why saying thanks helped CEO succeed, discover how you can use gratitude to sleep better and lower your blood, pressure and stress levels amazingly, gratitude works to improve your mood, no matter what's going on in the world. So, even if you're feeling a little grumpy these days, you can start changing your perspective and feeling more positive about yourself. Your friends, your family, and even your job in finances. I'm Janice Kaplan. Join me for the gratitude diaries. Every Monday Friday on the iheartradio APP apple podcasts or you get your podcast. Hi! Everyone. You're listening to back the BIZ with Kadian bows. Let's pick back up with Brian Chesapeake. One of the things I've I'm hearing. You say Brian you think this pandemic is going to result in a real reset for society for all of us. Our priorities are relationships. Are you know our hopes and dreams how we wanna live our lives And I'm wondering you know I I hope so. Because I think the world needed to be recalibrated. There was something that was off, but I wonder after a vaccine is is You know comes about you worry wonder. Is it just GonNa? Go back to the way it was or do you think we will be forever changed? I think it will be forever. Changed I think the big question is. How long does this go on? And the longer the shutdown happens the more we can't go back and the more profound the shifts because where people can invent and they're going to. Create New Habits and I think the way to ask. This question is how many things were redoing the old way just because we were doing them or because they were habits, because now we're going to have to make a choice to go back to the old way. We're not going to be doing that because we were just doing all along and so I think we will go back to A. A bunch of stuff because people will choose, but not can choose everything either gonNA choose to only go back to the things that are essential, and then I think new things are going to merge, so we'll go back a little bit. It's like a pendulum, we. We're GONNA, but we're not I. Don't think we go back all the way. In my my point of view on this would be Less will return than than than is intuitive that that that this is a new world and I. Think we're only the beginning of it. 'cause wrote. What are we only four months into this so i? Mean it's probably GonNa go on like we may not be in lockdown the rest of the year but like. I think another four.
"brian chesky" Discussed on Next Question with Katie Couric
"And I'm Bozeman Saint John and this is backed Biz with Kadian Bowes. Bowes I'm really excited to have Brian Chess Ski on our podcast today I've known him for a long time. He's been the boy wonder as the CEO of AIRBNB has for sure I, mean even when I was in Silicon Valley at Apple and then at Uber I was always impressed by what he was doing, but his back stories so interesting for people who don't know. Brian started the company twelve years ago. Yes, during a session with two buddies, he had studied industrial design at wristy to San, Francisco, so he and his friends rented out their apartment when there was a convention town, but not enough hotel rooms. They blew up a few. and Wa. The idea was born. Air. GO AIRBNB! Get it within I'm a marketer in that join is fresh. I liked it. Very fresh, but the last couple of months have been crazy right. He was about to go public and then Bam. Here comes the pandemic. I can't imagine both the stress. He's been under in recent weeks, so we started there. We ask Brian just how he's managing right now. Let's get to it. Yeah I'm I think I'm I'm doing about as well as somebody in my circumstance could be doing right It's been a pretty intense inhering four months or so and I'm sure I'm sure most people listening will have identified that experience you know when we started airbnb a dozen years ago. I told myself now. I don't think I'll ever do something crazy is that? And I think I've just we have experienced something that probably even crazier than starting this company when you're the child, the to social workers and you're like unemployed suddenly twelve years later. You have a company like AIRBNB and you're going to go public. You have this real sense of. While I've really done something last twelve years so then to lose eighty percent of it in five weeks is like. That was definitely. An extent if I thought my life was crazy. The first twelve years, the next five weeks got even crazier losing eighty percent of it or seventy percent of it, and and then suddenly you know we've found herself in this kind of. Total crisis where it felt like. Probably like a lot of people feel like you're staring into the abyss, and you can't quite tell if it will ever be better and for me so much of it was your psychology. It would been been so easy to just say the spiral and. When you're responsible for thousands of people in the L., everyone's pretty scared and a little freaked out. It's really really important that the psychology organization maps matches and mirrors the psychology. And, so you have to find your way to stay positive and you have to find a way to say for every single bad thing. This is an opportunity I'm not gonNA exploit this, but every moment is the moment for us to do something that's defining to make us better, and that was the thing that we like went into this crisis worth. How did the pandemic fundamentally changed your business as you said you were set to? To go public instead. You've taken a huge hit. You had to lay off twenty five percent of your workforce in May, I know you've tried to be very generous to your employees. You let them keep their laptops. Keep their health insurance for a year, but you know. How did you figure out how to move forward? And with all your hopes and dreams as you said shattered in a period of five weeks boom. Oh God yeah I mean. I, it felt so terrible because it wasn't just our hopes and dreams was. All these employees. Had Stock and you know I know in many people I'm sure they were employed planning to do things like buy homes and stuff with that money in the really counting on it in investors been really pay. Show me the probably the hardest thing though. With the host, we have four million host and fifty percent of them. Tell us that they depend on me to pay the rent or the mortgage and we had guest who wanted to cancel their their future army bookings because they're told us I can't travel will was more than a billion dollars of cancellations, and the problem was that these were host depending on the money to pay the rent or mortgage entering an economic recession. So, what do you do when guests are telling you? I feel unsafe. I can't Travel Anita Refund and hosting. If you refund them their money, I'm going to be in a really bad economic position and we ultimately did the following. We decided to refund the guests the money we felt like we told the host. We have to do this because we can't. We have to we. We're not signing with. Guests were signing with health and safety. We can't have people being put in harm's way, and you know. The global at the time was global. Shut down to enough billion people shutdowns. We can't be part of everyone traveling right now if they don't WanNA travel and they want their money back. But then there was a huge uproar in host were like super upset and they were very upset with us in me. And we decided to take in. This was at the depth of our. Own, despair. Two hundred fifty million dollars around money now in good times. It's you know you. You raise money and bad times. Though wasn't created. We build raise any money, so this was two hundred fifty million. We thought we'd probably need. And we just gave it to our host It didn't make them whole. It was the most we could do and then something crazier. Happening employee's pulled together their own money, a million dollars in real money. To give to host, and so then we the founders we we put some money, and we started doing all these things, and that was probably the first kind of defining action we did, and then after that we said to ourselves we can't. We're not as relevant right now as we used to be. Because people aren't traveling, but we can be useful in crisis, and so we noticed that these nurses and and firework firefighters and others in doctors. We're going to sites and they needed AIRBNB, or they need homes to stay, or they didn't want to see their families and their families sick, so we work with our host community. And two hundred thousand of our host offered homes for workers on the front line for a discount and we kind of shared the cow. We had these products. This product experiences where you can do these three our activities with locals. I. Remember I remember Brian. When you and I talked about how you're expanding that that service to Airbnb, you know again. It was the next second active Airbnb, and then it got stopped. Because You know social distancing. You can't be bringing travelers together from countries as the exact opposite when people want so our hosts, said well, we're. Can we offer them online? And so in fourteen days our team build a product create online experiences, which ended up being like the fastest growing product. We ever created so that worked out really well. Let my masterclasses. There but they're interactive so. So basically. It's a one hour activity so I'll give you an example. We have Olympic athletes, so we did a partnership we did A. we're one of the sponsors the Olympics. Olympics aren't happening this year. We got I think thirty Olympic athletes, and by the way the average Olympic athlete. A lot of people don't know this lives around the poverty line because a lot of them know there, you dedicate your life to your sport, and then a lot of sports sponsorship, so either kind of have to start their careers over and so we. We said will you know we created a way for them to be able to offer a one hour kind of online class You know it could be a workout could be like learning about setting.
"brian chesky" Discussed on Back to Biz with Katie and Boz
"Bowes I'm really excited to have Brian Chess Ski on our podcast today. I've known him for a long time. He's been the boy wonder. As the CEO of AIRBNB has for sure I mean even when I was in silicon, valley at Apple and then at Uber I was always impressed by what he was doing, but his backstory story so interesting for people who don't know. Bryant started the company. Company twelve years ago. Yes, during a recession with two buddies, he had studied industrial design at wristy. He moved to San Francisco. He and his friends rented out their apartment when there was a convention in town, but not enough hotel rooms, they up a few air, mattresses and Voila. The idea was born. Air. GO AIRBNB! Get it listen. I'm a marketer and that join his fresh I like it. Very fresh, but the last couple of months of been crazy right, he was about to go public and then Bam. Here comes the pandemic. I can't imagine both the stress. He's under some week, so we started there. We ask Brian Jess how he's managing right now. Let's get to it. I'm I'm I'm doing about as well as somebody in my circumstance could be doing right It's been pretty intense, inhering four months or so and I'm sure I'm sure most people listening will have identified that experience you know when we started airbnb a dozen years ago. I told. Now I don't think I'll ever do something crazy is that? And I think I've just we have experienced something. That's probably even crazier than starting this company when you're the child to social workers unemployed suddenly twelve years later. You have a company like AIRBNB and you're gonNA, go public. You just you have this real sense of. While I've really done something twelve years so then to lose eighty percent of it in five weeks is like. Go. That was definitely. An extent. If I thought, my life was crazy, the first twelve years, the next five got even crazier, losing eighty percent of it or seventy percent of. And, and then suddenly you know we found herself in this kind of. Total? Crisis where felt like? You know I don't know probably like a lot of people you feel like you're staring into the abyss, and you can't quite tell if it will ever be better and for me so much of it was your psychology. It would been been so easy to just say the spiral and. When you're responsible for thousands of people in the L.. Everyone's pretty scared and a little freaked out. It's really really important that the psychology organization maps matches and mirrors the psychology of the leader, and so you have to find a way to stay positive. You have to find a way the say for every single bad thing. This is an opportunity. I'M NOT GONNA exploit this, but every moment is a moment for us to do something that's defining to make us better, and that was the thing that we like went into this. This crisis with how did the pandemic fundamentally change? Your Business as you said you were set to go public instead. You've taken a huge hit. You had to lay off twenty five percent of your workforce in May, I know you've tried to be very generous to your employees. You let them keep their laptops. Keep their health insurance for a year, but you know. How did you figure out how to move forward? And with all your hopes and dreams as you said shattered in a period of five weeks boom. Oh God yeah I mean. I felt so terrible because it wasn't just our hopes and dreams was all these employees. Had Stock and. I you know in many people I'm sure they were employed planning to do things like buy homes and stuff with that money in the really counting on it and investors been really pay. Show me the probably the hardest thing though. With the host, we have four million host and fifty percent of them. Tell us that they depend on air me to pay the rent or the mortgage and we had guest who wanted to cancel their their future me. Bookings 'cause they're told US I can't travel will was more than a billion dollars of of cancellations, and the problem was that these were host who are depending on the money to pay the rent or mortgage entering economic recession. So, what do you do when guests are telling you? I feel unsafe. I can't travel I need a refund and hosting. If you refund them their money, I'm going to be in a really bad economic position and we ultimately did the following. We decided to refund the guests the money we felt like we told the hosts like we have to do this because we can't. We have to we. We're not signing with guests or signing with health and safety. We can't have people being put in harm's way, and you know this is a global at the time was shut down to in a billion people shut. We can't be part of everyone traveling right now if they don't want to travel. They want their money back. But then you know there was a huge uproar in host were like super upset and they were very upset with us in May. And we decided to take in. This was at the depth of our. got her own despair. Two hundred fifty million dollars around money now in good times it's. You raise money in bad times. Though wasn't created. We'd be able to raise any money, so this was two hundred fifty million. We thought we'd probably need. And we just gave it to our host. It didn't make them whole, but it was the most we could do, and then something crazier happened. Our employees pulled together their own money, a million dollars in their own money. To give to host, and so then we, the founders we put some money in, and we started doing all these things, and that was probably the first defining action we did, and then after that we said to ourselves we can't. We're not as relevant right now as we used to be. Because people aren't traveling, but we can be useful in a crisis, and so we noticed that these nurses in and fire were firefighters and others Doctors with two sites and they needed AIRBNB. They need homes to stay over. They didn't want to save their families and get their family sick, so we work with our host community. In two hundred, thousand of our host offered homes for workers on the front line for a discount and we kind of shared this cow. We had these product. This product called experiences where you can do these three. Our activities with locals I remember I remember Brian. When you and I talked about how you're expanding that that service to AIRBNB Again it was the next second active AIRBNB. And then it got stopped. Because you know social distancing, you can't be bringing travelers together from countries like the exact opposite when people want so our hosts said well. Can we offer them online? And so in fourteen days our team build a product online experiences, which ended up being like the fastest growing product. We ever created so that worked out really well. Let my masterclasses. Yeah, they're kind of, but they're interactive so. So you, basically, it's a one hour activity so I'll give you an example. We have Olympic athletes, so we did a partnership we did. We're one of the sponsors of the Olympics. The Olympics aren't happening this year we got I think thirty Olympic athletes, and by the.
"brian chesky" Discussed on Recode Decode
"We're very flexible. They want to travel to local communities. And we're in every basically in almost every community world but like cities North Korea because they have no internet like we're basically in every other community in the world and they're staying longer we're fulfilling demand and finally online experiences blew up and they lead to Airbnb experiences truly catching on and pop culture. If I can say that next year God you'll probably invite me and play this recording. We'll see talking and maybe it doesn't how do you make people feel safer in Airbnb? He's I mean are they a debate about Iraq. It's a great question. Oh totally saying I'd say but would you want someone to your home. Can you clean it right? What's the Great Russian? Yeah let me talk about I are. This is really interesting. This is an objective statement and there was this is not my data. This will transcend. I think data's publicity publicly available. Google us this data our business. What I call home sharing like Google calls alternative accommodations basically non hotel accommodations total number of accommodation keywords on Google. I think before covid alternative accommodations comprised. Let's say twenty five percent of the queries and now they comprise about forty percent. So what's happening is Arab home. Sharing an AIRBNB is recovering faster and hotels. There's a mix shift towards alternative accommodations in home sharing in one of the reasons. Why is while there's a bunch of reasons why one is it's cheaper? It's every market but the other reason why as generally we'll get to the communist second generally people don't want to be in public spaces in lobbies sharing elevators in also when they're sequestered in their house and they're dying together house they lasting step out of their house to get into a nine hundred square foot space. That's kind of mass produce. There's one hundred and they all feel like the same people kind of don't want to do that right now. So the other thing is they want it. They want to be in private spaces. That the where people aren't dwelling so when we do a lot of surveys we unbalanced probably do a little bit better than hotels. Structurally if you go to a non urban area you're in a home in if no one's been there for the last day there's probably not allowed germs. Now there is a there's a there is a weakness we have it. It's a hotel has staff and those cleaning staff can have cleaning certification. If I was a hotel and I wanted to after AIRBNB I mean. I'm giving away playbook but it's pretty obvious I would cova standard. I'd say we do it. And they don't so -ticipant in that so we brought on the former surgeon. General United States for president. Obama's names Dr Vic Murphy and he and I have some other medical experts advising on Kobe cleanliness standards. And we're now training our host globally. And we're GONNA allow them to take courses and it's kind like you get a certification. He went through the course right. And we put those badges on air me listings. The other thing is we're now trying to figure out how to verify. The places are clean. There's a number of things we can do and I have a whole team working on. And this is kind of the biggest. Probably the biggest moonshot and the company is. How can we try to make sure every AIRBNB is as clean or cleaner than a hotel room? It's a really really hard. Problem is one hundred. Imagine if you had hotel rooms one hundred thousand cities how do you clean them all the time without staff? It's very very hard but there are ways we think we can do it. And there's ways we can do verification and stuff and work with cleaning partners so these are these are some of the things we're going to be doing We did pull. Us guests recently. Who BOOKED AIRBNB? And the number one barrier to booking airbnb forty two percent said there were nervous about cleaning so we think this is the primary thing but we are seeing a lot of recovery. And you know we also create a twenty four hour window so you know the germs live WH- around like twenty four hours on most services so we tried to create. We created a twenty four hour gap. So we don't allow people to check in more than twenty four hours after the last person. Check out we're going to be critical in the initial so we your while though after a while but now in so we block day so if you check out on the first they next guest can't check into the third and we have that one day gap and so we're doing a bunch of things like that and I want to take this thing and I want to make it a strength. I would love to design the cleaning standard for our industry. I mean that's that's my ambition. That would be another version of success. I'm on and you said wow. You guys really did that. You really really dig at the quitting standard. But it's going to be a really hard problem for you absolutely last question asked. We've gotta go you've been. I was going to get into even hiring. We'll talk about that. Another time venture would be doing during this crisis at home right with your parents I been. I live in a house by myself in well. Nine weeks ago I was by myself and I was in this house by myself and it was the weirdest thing because like you know like all of us. Life became really simple. And I didn't have all the stuff around me and I just home all day and I live in the mission so I'd walked Dolores Park and I hadn't ridden a bike since I was a kid and I got a bicycle and as crazy 'cause I you know there's no one on the streets services go and about four or five weeks ago. My mom had just moved to San Francisco. Actually is a funny story. My mom I think came here was something like March thirteenth or like the day she gets. She gets a job in San Francisco and she she relocates in my Dad's said he's GonNa come later and so she literally gets on the airplane and the moment she steps in the airplane. London breed issues a shelter in place in wall. She's in the air her job. She's relocating for it. Becomes remote weirdest timing but she lands in San Francisco. She's still she's living in working out of a one bedroom apartment at some point. I'm just like if you can't even houses come stay with me. So she ended up coming and she's been living in me for the last five weeks and so now I now eat three times a day rather than once a day when I was cooking. So that's sheltering in place with your mom. Yeah I'm sure the press my mom and a great time and I miss a lot of things that he had before but you know one of those weird things. Is You also realize that everything had you need it right and the main thing you need are your relationships with the people you really care about. You don't eat all the other stuff and so it's been a pretty but I also say that. With exception of only couple of days for nine weeks in a row. I probably worked from eight PM to midnight every single day. Monday through Sunday no breaks and so it's been twenty four seven so I've had a lot of time to do anything else. It turns out when you are a CEO of a travel company. And you're about to go public and there's a pandemic you're going to basically be working eighteen hours a day for like nine weeks in a row it turns out like that is a really hard thing to deal with all right. We ever worried. It's going to my feeling would when I was talking about Scott was it's a great product and therefore will not die but because great products tend to thank you search correct but it does it matters how you execute it certainly die if you don't actually have you been worried at all about that. There's been some I've seen that like AIRBNB GONNA go under and there's a lot of people talk. It was super weird to go from like everyone's talking about how successful you were and like mazing top of the world in this before like my dad told me you know Things are never as good as they seem. They seem I think. Jeff basis once said today's Poster Boys Tomorrow. Pinata and I got a good lesson I went from feeling like I was super cool all of a sudden like facing the abyss. Will we go under? Can I save the company all the stuff? Which is frankly. I was never as good as people ever said I was. We were never as on top of the world is and we weren't as bad as some people thought before the truth was always like it always is in life a little bit in between those two things. I was never concerned. I had an unrelenting optimism. I think I think by the way. You kinda Kinda be a little crazy and a little optimistic to think. That is a good idea for strangers to live together and to start a company based around that idea. So I am inherently an optimistic person but I believed in myself and I believe in our team again. Part of the reason I believed us is because people believe in us and I tried to go back to some basic principles are people going to never leave. Their homes again is this a new reality is never leave our homes and I thought to myself that seems completely implausible. They're going to leave their homes in fact the longer locked in our homes and we want to get out but we don't WanNa airplane right away and also do people want to kind of connect with one other connected communities live locally and I thought that's not going away. I mean these are desires. You'll have to market travel travels and inherent need the idea of connect with other. That's hardwired in us and I said so long as we're like as long as you're doing a business that people always want and always will want the fundamental needs. You're going to be okay and I said the only thing that will determine whether we survive or don't survive is us. It's not going to be this idea. It's going to be US and in a crisis you have a moment of truth. Andy Grove was the founder of Intel about him and he had this wonderful quote said bad. Companies ARE DESTROYED BY CRISIS. Good companies survive but great companies are defined by a crisis. And I always wanted to be the kind of company that was defined by a crisis and I told our team at the outset. This is our moment of truth. People don't realize are we for real a re Kinda like just riding momentum this entire time because easy when growth is up into the right to be sloppy and like stumble your way to success. I said this is our true moment. And we're going to be defined by this and so I said it's all about how we adapt and you know in a crisis. Those survive aren't always the toughest there not even always the smartest but they are the most adaptable mother. Nature Rewards those. That are adaptable. And resilient and I said we're going to be malleable and we'RE GONNA BE. We're GONNA move fast. We're going to act with our principles and if so long as people root for us and they want us to exist we probably will exist and I think at the end of this crisis we I think we were able to kind of come out the other side because there are so many people that were supporting us end on that note. I was going to say good thing..
Airbnb laying off 1,900 employees due to travel decline
"Airbnb says it's laying off twenty five percent of its work force as it confronts a steep decline in global travel due to the pandemic CEO Brian Chesky says the company is leading nineteen hundred of it seventy five workers go in cutting businesses that don't directly support home sharing the company expects its revenue to drop by more than half
The Geographic Divide in the Drug Overdose Crisis
"Last Thursday a shooting at an on authorized Halloween party in an Airbnb rental in California left five people dead a vice story meanwhile revealed a scam by Airbnb hosts who put guests up it inferior properties after claiming the ones they initially booked weren't available in an email sent to employees Wednesday Airbnb co founder and CEO Brian Chesky said the company will take its most significant steps to improve trust since its founding in two thousand eight
Airbnb making policy changes after shooting
"Airbnb says it's making some policy changes in reaction to a mass shooting in northern California at hall on Halloween at one of its rentals but corresponded your group says it's not clear the changes will stop similar tragedies from happening in the future it happened Thursday night at a Halloween party in Orinda just north of Oakland the chaotic scene is a very complex investigation or into police chief David cook says Thursday night as the party advertised on social media as an error being bi mansion party was getting under way the gunmen or gunmen walked in and opened fire five people were killed several more wounded the the the houses rented by people who are not from around the Airbnb has rules as does the city over into about short term rentals no one of which says are in the city manager Steve Solomon states that there will be no more than thirteen people at the at the rental police and witnesses say there were around one hundred at the party Airbnb co founder Brian Chesky posted after the shooting that the company is making some changes one he says is an all out ban what he calls party houses also a greater effort to combat on authorized parties get rid of abusive host and guest conduct an expanding manual screening of high risk reservations flag by the company's risk detection technology the city or Linda tomorrow night we'll take up the issue of short term rentals and it's a city council meeting mayor into Miller there are there is the potential that there have been complaints made about a house one or more in the city of Aranda and we'll be discussing that the question is what the policy changes coming from Airbnb and any changes to the ordinance governing short term rentals from the city can something like what happened Thursday actually be avoided the city manager Steve Solomon not altogether there are gonna be folks that don't follow the rules said some fortunately the way the world works Chesky also posted that what happened on Halloween this quote unacceptable and quote and that his company needs to do better and it will the question is what will better look like
Airbnb to Ban 'Party Houses' After Halloween Shooting, CEO Says
"The company that allows people to rent a property online and threw it out at B. and B. says it is banning bookings by guests who use the accommodation for raucous parties a tweet from the abbey and the chief executive Brian Chesky announced the bomb after five people were killed this Halloween party in a rented home in the affluent San Francisco suburb of our into his Chris Buckley Abby and they say they're going to put in place new policies that will bond party hallways is not might prove difficult today but Brian Chesky he is the co founder and chief executive officer of Airbnb I sent out a number of things that they are going to do he says they're going to create a dedicated party host rapid response team on the go to screen high risk reservations among other things he's pretty blonde in these posts on Twitter he says we must do better and we will
Airbnb bans 'party houses' after Halloween shooting in California
"The CEO of Airbnb says the company is banning party houses the announcement was made this morning in response to a shooting in a written down on Halloween night that killed five people and injured several others KQED screen it can reports the shooting took place at an Airbnb rental that was being used as a party space neighbors had complained about the house and earlier this year the city said the owner of the property receive notices of violation because of excessive noise and trash on Twitter Airbnb CEO Brian Chesky said the company would redouble its efforts to combat an authorized parties and get rid of abuse of hosts to do that Chesky said the San Francisco based company would expand its manual screening of reservations tagged as high risk and create a party house rapid response team Airbnb is announcement comes as the arena city council is taking a second look at their short term rental laws to avoid such tragedies in the future the council meets on