Latest news with #BrianChesky
Reuters
18-07-2025
- Business
- Reuters
Los Angeles sues Airbnb for alleged price gouging following wildfires
July 18 (Reuters) - Los Angeles sued Airbnb (ABNB.O), opens new tab, accusing the home rental company of allowing price gouging affecting more than 2,000 properties during January's wildfires in southern California, City Attorney Hydee Feldstein Soto said on Friday. Airbnb was accused of violating a California law that prohibits prices of essential goods and services from rising more than 10% following a state of emergency. Governor Gavin Newsom declared a state of emergency in Los Angeles on January 7, triggering the state's anti-gouging law, and it has been extended several times. Feldstein Soto said that while Airbnb, with an estimated 80% market share in the city, has taken steps to curtail price gouging, "evidence indicates that illegal gouging on the site continues and may be ongoing." She also accused Airbnb of misrepresenting to prospective renters that it has "verified" hosts and property locations on its website, some of which don't exist. A copy of the complaint was not immediately available. In a statement, Airbnb said the company, Chief Executive Brian Chesky, and its affiliated nonprofit have contributed nearly $30 million to fire recovery efforts, including free emergency housing to nearly 24,000 people. It also said Airbnb hosts receive error messages if they try to boost prices more than 10% from pre-emergency rates. The lawsuit accuses San Francisco-based Airbnb of violating California's unfair competition law. It seeks an injunction to stop illegal rents during the state of emergency, plus civil fines of up to $2,500 per violation, Feldstein Soto said. The Southern California wildfires killed at least 30 people and destroyed or damaged more than 16,000 structures. Much of the damage came from the Palisades Fire in Pacific Palisades and the Eaton Fire in Altadena. The fires charred an area larger than Paris.
Yahoo
18-07-2025
- Business
- Yahoo
Airbnb's CEO studied Steve Jobs's playbook to slash bureaucracy and build his $84 billion empire. Inside Brian Chesky's 5-step hiring strategy to cut red tape
As the competition for AI talent heats up amid Meta CEO Mark Zuckerberg's multimillion-dollar hiring spree, Airbnb CEO Brian Chesky believes 'founder mode' is still an essential strategy for corporate survival. On a recent episode of The Verge's 'Decoder' podcast, the 43-year-old entrepreneur doubled down on the 'founder mode' managerial approach he helped to popularize, emphasizing that the age of artificial intelligence has ushered in a need for a more nimble business hierarchy. 'In the age of AI, my argument is you need to be founder oriented/founder mode, because you're going to need to be able to move like a startup to be able to adapt,' he said. 'I think these big, professionally managed companies aren't organized to be able to do that, so they don't bode well for this new world.' Officially coined by Y Combinator founder Paul Graham, founder mode isn't just limited to chief executives. Chesky argues the philosophy can be applied to leadership in government, nonprofits, and coaching, emphasizing a need for hands-on management through presence and collaboration, not control. 'If you want to just get something going, you need to get everyone organized,' Chesky said. 'But [getting] everyone organized has a multi-year roadmap, so they now need to make room on the roadmap.' Chesky is no stranger to nimble teams, famously transforming a tiny San Francisco apartment and three inflatable air mattresses with his fellow cofounders into a Fortune 500 giant with an $84 billion market cap. While the short-term rental behemoth now rakes in well over $11 billion a year, the company's early iterations weren't always conducive to rapid growth. 'To me, so many roads lead back to the conversation we have with org charts and founder mode, because you don't want to miss the next wave,' Chesky said. Brian Chesky's 'founder mode' strategy Chesky credits founder mode with helping to save a flailing Airbnb during its early years. In an October 2024 interview at the 'The Art of Hiring' event hosted by Ramp, Chesky described the early stages of his company as a 'matrix' with no limits on the numerous layers of management. Teams formed sub-teams, which formed their own sub-teams, and so on, each adding to a bloated structure with office politics, lack of accountability, and complacency. 'You end up with a lot of bureaucracy,' Chesky said. 'You end up with a company where there are meetings about meetings, where metrics and strategic priorities are the only things that bind the company together.' It's a 'soul crushing' lesson Chesky experienced first-hand when Airbnb's plans to go public collided with a wave of global financial turmoil and sweeping shutdowns caused by the COVID-19 pandemic, an unprecedented crisis that threatened to jeopardize the company's future. 'We went from the hottest IPO since Uber and Alibaba to people asking, 'Is this the end of Airbnb?'' Chesky recalled. At the onset of the COVID-19 pandemic, Airbnb faced a decline of 72% in revenue due to a drop in bookings and listings as the global tourism industry suffered from lockdowns. To adapt, the company laid off 25% of staff and paused non-core operations. To save his flailing company, the founder sought business advice from an old friend: famed Apple designer Jony Ive, who suggested, 'You don't manage people. You manage people through the work.' Emulating Apple founder Steve Jobs' playbook, Chesky began to systematically eliminate layers of management, removing managers who weren't deeply involved in the work, and only selecting highly skilled 'experts' to lead key functions instead. 'You can be deeply involved without telling people what to do,' Chesky said. 'It's about working through problems with them.' This strategy paid off. The business ultimately went public in December 2020 with a $100 billion valuation, the year's largest. In 2022, Airbnb netted its first profitable year with $8.4 billion in revenue, and it officially joined the Fortune 500 ranks the next year, in 2023. Chesky, now in his 18th year at the helm of the short-term rental giant, continues to innovate, recently announcing new features in May that allow guests to book experiences like spa treatments, personal training, and in-home meals from professional chefs in addition to their stays. Airbnb's winning hiring strategy In his 2024 conversation at 'The Art of Hiring' event, Chesky also offered five tips for how to find the best new recruits. 1. Start with the results Chesky believes leaders should focus on impact, not titles on résumés, to build the best teams. '[Hiring managers] start with the brands. Oh, this person worked at Google. But you should actually ask yourself, what products do I admire? Then, who built those products?' Chesky said. 'It's like a detective novel to actually find out who actually did the thing.' Fellow Fortune 500 CEO Jamie Dimon agrees, suggesting chief executives 'open our horizons' to employees from more diverse backgrounds. 'The new world of work is about skills, not necessarily degrees,' Dimon said in the 2024 documentary Untapped. 'We must remove the stigma of a community college and career education, look for opportunities to upskill or reskill workers.' 2. Be a detective In order to find the best workers, Chesky emphasizes the need to be 'detective' and rely heavily on reference checks. For Chesky, it's not enough for a candidate to say they were involved in a successful campaign or product, they should prove their contribution to the outcome, too. 'I remember Andreessen Horowitz would tell me, you should do eight hours of reference checks per employee, which is probably over the top,' Chesky said. 'But you should probably spend as much time referencing as you do hiring.' 3. Ask better questions and dig deep Chesky recommends kicking off a reference call by assuring the conversation is off the record to elicit more honest responses, and asks for specific examples to back up the praise. 'What do I need to watch out for if I were to hire them? What is the one area of development you would give them?' Chesky said. 'If you say that, they have to tell you something because they feel like they're not thoughtful enough.' 4. Recruit beyond openings Chesky said networking is central not just to hiring, but to long-term success. At the end of each reference call, he asks for two additional candidate suggestions. It's a strategy that can be applied for job seekers, too. According to a recent survey from LinkedIn, over a third of Gen Z workers feel anxious about networking due to isolation during the COVID-19 pandemic, and feel they don't know how to begin. 'Hiring is too much like a sales pipeline, and hiring should be more like network building than a sales pipeline,' Chesky said. 5. Dig deeper in interviews For a successful interview, Chesky suggests hiring managers ask follow-up questions—ideally, two in a row—to move past surface-level answers. 'You never want to get the first answer. You always want the third answer, and if people don't know what they're talking about, they struggle,' Chesky said. 'They might be able to follow up, but in the second follow-up, they actually become absent of details.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Business News
18-07-2025
- Business
- Time Business News
The Future of Tiny Home Innovations
Tiny homes are compact, efficiently designed space usually below 400 sq ft to maximize functionality and reduce environmental impact. The market is growing due to rising housing costs, increasing interest in minimum and durable life and demand for inexpensive, mobile and off-grid housing solutions. Key Growth Drivers and Opportunities Rising Housing Costs: The tiny homes continues to grow due to large parts of rising housing costs, which make traditional home owners more and more unattainable for many, especially the elderly, the first-time buyers and the millennials. Small homes are becoming more and more popular among consumers as a cost -effective option, which demands very little initial investment and continues the cost of maintenance in real estate prices and hostage rates. By enabling ownership of property without the financial burden of traditional residences, these small home houses provide a practical solution for housing insecurity. In the light of rising housing costs, the increasing appeal and fuel for minimalism, downsizing, and financial freedom demands small houses. Challenges The tiny homes face borders such as zoning laws and building code restrictions that often prevent legal placements or residence in many urban and suburban areas. Limited location can withstand challenges for families or long -term lives, and can increase adaptation or high-quality material costs. Additionally, doubts about access to utilities, difficulties of financing, and long -term durability or resale value may obstruct adopting. Innovation and Expansion Continental Unveiled Debut Prefabricated Home Solution In July 2024, the first prefabricated home has been introduced by Continental. The 30-square-meter, one-and-a-half-story small home, known as the ContiHome, is situated on Lake Belau between Kiel and Lübeck in northern Germany. Online portals are being used to schedule overnight stays. The mobility and material solutions technology business will begin accepting bookings for a second prefabricated small house close to Amsterdam in the fall of 2024. The main goal of the ContiTech group sector's ContiHome is to target holiday parks and campgrounds that provide their patrons with a better degree of comfort than traditional camping. Samara Launched Eco-Friendly Tiny Homes with Versatile Designs In March 2024, Joe Gebbia, a co-founder of Airbnb, has started a new company called Samara with the goal of transforming the housing sector by building modular auxiliary dwelling units (ADUs), or 'tiny homes.' These tiny, environmentally friendly buildings have been installed in backyards across California, providing an affordable dwelling option and setting an example for future housing developments. The initiative began as a design studio within Airbnb and was supported by both the company and co-founder Brian Chesky. Samara has played a key role in advancing creative endeavors during the past six years. Samara is now seen as a shining example of innovative creativity. Inventive Sparks, Expanding Markets Major players working in the market of small houses include Mustard Seed Tiny Homes LLC, Tumbleweed Tiny House Company, Nestron, TRU FORM TINY, Oregon Cottage Company and others. Focusing on durable and energy-efficient designs, setting up in travel and hospitality industries, establishing strategic alliances with local governments and real estate developers, providing modular and adaptable models, and using digital marketing to join eco -ware and frugal customers are some of the main strategies that are the main strategies that are the main strategies used by small home companies. About Author: Prophecy is a specialized market research, analytics, marketing and business strategy, and solutions company that offer strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high value opportunities in the target business area. Also, we help our client to address business challenges and provide best possible solutions to overcome them and transform their business. TIME BUSINESS NEWS
Yahoo
14-07-2025
- Business
- Yahoo
2 Large-Cap Stocks for Long-Term Investors and 1 to Question
Large-cap stocks are known for their staying power and ability to weather market storms better than smaller competitors. However, their sheer size makes it more challenging to maintain high growth rates as they've already captured significant portions of their markets. These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you find high-quality companies that can grow their earnings no matter what. Keeping that in mind, here are two large-cap stocks that still have big upside potential and one that could be stalling. Market Cap: $46.84 billion Established to make automobiles accessible to a broader segment of the population, Ford (NYSE:F) designs, manufactures, and sells a variety of automobiles, trucks, and electric vehicles. Why Do We Pass on F? Flat vehicles sold over the past two years imply it may need to invest in improvements to get back on track Free cash flow margin dropped by 13.4 percentage points over the last five years, implying the company became more capital intensive as competition picked up 8× net-debt-to-EBITDA ratio shows it's overleveraged and increases the probability of shareholder dilution if things turn unexpectedly Ford's stock price of $11.78 implies a valuation ratio of 8.6x forward P/E. Read our free research report to see why you should think twice about including F in your portfolio, it's free. Market Cap: $83.54 billion Founded by Brian Chesky and Joe Gebbia in their San Francisco apartment, Airbnb (NASDAQ:ABNB) is the world's largest online marketplace for lodging, primarily homestays. Why Are We Bullish on ABNB? Nights and Experiences Booked have grown by 10.4% annually, allowing for more profitable cross-selling opportunities if it can build complementary products and features Earnings growth has trumped its peers over the last three years as its EPS has compounded at 49.4% annually ABNB is a free cash flow machine with the flexibility to invest in growth initiatives or return capital to shareholders At $135.25 per share, Airbnb trades at 20.1x forward EV/EBITDA. Is now the right time to buy? Find out in our full research report, it's free. Market Cap: $56.8 billion Providing body cameras and tasers for first responders, AXON (NASDAQ:AXON) develops technology solutions and weapons products for military, law enforcement, and civilians. Why Will AXON Beat the Market? Products are seeing elevated demand as its unit sales averaged 32% growth over the past two years Free cash flow margin grew by 20.3 percentage points over the last five years, giving the company more chips to play with Rising returns on capital show the company is starting to reap the benefits of its past investments Axon is trading at $728.20 per share, or 122.7x forward P/E. Is now a good time to buy? See for yourself in our in-depth research report, it's free. Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-07-2025
- Business
- Yahoo
Airbnb Lets You Add a Private Chef to Your Rental. Your Host Might Not Like It.
Airbnb not only wants to rent you a vacation home this summer—it wants to help you add a private chef or massage session. The hosts who own the condos, cottages and houses aren't so sure. Inside the Shadowy, Lucrative Business of 'Superfake' Luxury Handbags Economists See Lower Recession Risk and Stronger Job Growth: WSJ Survey The Best EV Deals Now Are on the Used Market The short-term rental giant in May introduced a new 'services' offering, letting travelers book in-home add-ons that Airbnb says can make a trip more unique. For the company, it's another way to compete with hotels, which offer perks like gym access or spa appointments. Hosts, though, don't get a cut of the commissions from services booked for their rentals, and aren't alerted if one is booked at their place. Their properties are automatically enrolled in Airbnb's program, requiring hosts to opt out. 'Most hosts don't need more headaches, and that's what this feels like,' says Rhonda Stephens, who lists on Airbnb her historic farmhouse near Nashville, Tenn. She has changed the rules on her listing to explicitly state that services aren't permitted. The services are part of CEO Brian Chesky's goal to make the company the 'Airbnb of anything.' This spring, it reintroduced 'Experiences,' geared toward one-of-a-kind excursions like an Italian bike tour with an Olympian. Chesky predicted services bookings could become bigger than Airbnb's core short-term rental business. An Airbnb spokesman says the launch is in the early stages, and will over time benefit hosts by boosting bookings and making Airbnb more attractive and valuable for guests. The company says it couldn't comment on guests' initial use of the services ahead of its August earnings report. Charging extra at vacation rentals for perks like bike rentals or fridge-stocking isn't new. But the option hasn't been as available to smaller operators who rely on platforms like Airbnb to drive bookings, says Jamie Lane, chief economist of market-research firm AirDNA. Betsy Sawicky books stays at her rural home in Michigan through Airbnb and Vrbo. Services aren't currently available in the secluded area, she says, but if they launch nearby, she has no issues with guests booking personal chefs or other providers. 'If they found a massage therapist that would come to the house, those would be wonderful services,' Sawicky says. But overall she thinks the services make the most sense in more urban areas. Some hosts, Lane says, worry about the added liability that comes from a third-party provider entering the space. Airbnb says it vets service providers for quality and reputation as well as requiring them to submit licenses and credentials before letting them on the platform. The added verification hasn't yet convinced Amy Maynor to permit services at her three Airbnb properties in the Jacksonville, Fla., area. Maynor has superhost status, an Airbnb designation for top performers. She says she aims for a concierge-level of attention, including personalized recommendations and arranging for extras like surfboard rentals and deliveries. But Maynor says there is no way for her to independently vet the services or check if a service provider is properly licensed or insured. She says her own homeowners insurance policy only covers registered guests—not, say, a massage therapist. 'I don't want to get the oils all over the couch or the beds, or what have you,' Maynor says. Other hosts cited fears over personal chefs starting kitchen fires or people damaging floors by dropping weights during personal training sessions. On Reddit forums and in Facebook groups for Airbnb hosts, posts about opting out of services have generated hundreds of comments. People share messages—in some cases written by ChatGPT—they sent to Airbnb to request that no services be allowed on their properties. Airbnb didn't comment on the number of hosts who have opted out, but says those who do won't be penalized in search results. Hosts can also choose to only allow specific services. Airbnb says service providers must have liability insurance appropriate for their business. The company's AirCover policy also includes liability coverage. Hosts say the policy has many exceptions. Marie Moreau has done massages for tourists staying at vacation rentals in the Orlando, Fla., area for years, long before Airbnb approached her about listing her mobile massage business on the platform. So far, she says, she has had a few bookings through the platform, and they all went smoothly. Moreau says she understands why hosts might be hesitant to allow third-party providers. 'But the more restrictions you put on something, the more it doesn't really look appealing to the public,' she says. Airbnb, which has active listings in more than 150,000 cities and towns, debuted its offering with 10 categories of services in 260 cities. The company has said it plans to eventually include hundreds of service categories in new cities. Locals can also request services at their own homes or book an activity that requires going to a spa or gym. Other online travel companies, like Expedia and offer experiences, but in-home services sets Airbnb apart, says Kevin Kopelman, an analyst at TD Cowen. The challenge for Airbnb will be convincing travelers to embrace the offering, he says. Write to Allison Pohle at SpaceX to Invest $2 Billion Into Elon Musk's xAI Can Pittsburgh's Old Steel Mills Be Turned Into an AI Hub?
