Airbnb appears uneasy about the nine-year, $500 million deal it signed to become a worldwide Olympic partner last year.
In its S-1 filing, Airbnb wrote, “the continued uncertainty around COVID-19 and other geopolitical factors could undermine our ability to realize the value of the partnership.”
Airbnb’s Olympic Deal:
- The International Olympic Committee is slated to make at least $28 million worth of Airbnb accommodations available to athletes competing at the Olympic and Paralympic Games over the course of their partnership.
- Athletes will have direct earning opportunities through “Airbnb Olympic Experiences,” which feature options like the chance to train with an Olympian.
- Airbnb and the IOC say they will establish programs to support refugee athletes.
Back in the game: Despite the challenges presented by the pandemic, Airbnb is shaping up to be one of the most anticipated IPOs of the year as it aims to go public next month.
Through the first nine months of 2020, Airbnb has posted a $697 million loss. However, it did generate $219 million in profit in its last quarter, thanks in part to major cost-cutting initiatives. It is expected to be valued at approximately $30 billion at its offering.
