On its🌊 first day of trading, Airbnb shares closed up nearly 113% to $144.71 apiece, giving the lodging platform aꦅ market capitalization of nearly $100 billion.

Airbnb began trading on the Nasdaq today under the ticker ABNB. The company, which raised $3.5 billion in its IPO, set the price of its initial public offering at $68 a share, valuing Airbnb at $47.3 bil𝔉lion on a fully diluted basis. This was higher than the expected $56-$60 share price range.

The short-term rental company now has a markꦏet value greater than Hilton Hotels, Marriott International, and Wyndham Hotels & R📖esorts, as investors bet on the issuer benefiting from a widespread vaccine distribution. 

Founded in 2008, Airbnb upended the hotel industry by tapping into travelers’ desire for local, authentic experiences. The 澳洲幸运5开奖号码历史查询:majority of its revenue co🦹mes from service fees from bookings charged ✅to both guests and hosts that use its platform.

While Airbnb saw its bookings plummet and revenue tumble in earl🍬y 2020 as the coronavirus pandemic shut down global travel, the co❀mpany was able to bounce back over the summer as travelers sought nearby vacation rentals to escape cities and take advantage of work-from-home policies.

News of Airbnb’s successful IPO comeꦯs one day after DoorDash’s public markets ♉debut, where the food delivery company saw its stock jump 86% to give it a market capitalization of $72 billion.