Illustration: Aïda Amer/Axios
Airbnb is setting aside company stock for an endowment to fund various initiatives for its home-sharing hosts, the company said on Friday.
Why it matters: Airbnb is gearing up to go public later this year, and has been mulling over ways to spread some of its riches to customers.
Details: Airbnb will put 9.2 million shares into the endowment, which will not begin distribution until it grows to $1 billion in value.
- The company is also assembling a host advisory board made up of home-sharing hosts from around the world, which will be tasked with deciding which initiatives to fund with the endowment.
This is separate from an idea that's been floated within the company of giving hosts stock or the ability to purchase stock, similarly to what Uber and Lyft did ahead of their IPOs.
- Two years ago, Airbnb sent a letter to the U.S. Securities and Exchange Commission, asking it to modify a rule so that it can give equity to its hosts.