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Photo illustration: Axios Visuals

Airbnb has raised $1 billion in debt and equity from Silver Lake and Sixth Street Partners.

Why it matters: Airbnb, like the rest of the travel industry, has taken a major business hit as a result of the coronavirus pandemic. The company recently halted all marketing spend and froze hiring. Questions also remain about its plans to go public this year.

  • Though the company didn't share how the deal values the company, Airbnb recently lowered its 409a valuation (an internal appraisal of its value) to $26 billion, down from $31 billion when it last raised funding, Axios has learned.
  • The new deal does not include any ratchets or coercive terms imposing conditions on the company, such as a timeline to go public, a source tells Axios.
  • There was no secondary sale as part of the deal either.

Go deeper: The gig economy's coronavirus test

Go deeper

Updated 1 hour ago - Politics & Policy

Shooting at Michigan high school leaves 3 dead, 8 wounded

Police cars restrict access to Oxford High School following the shooting in Oxford, Michigan, on Tuesday. Photo: Matthew Hatcher/Getty Images)

A 15-year-old sophomore was arrested after a shooting at a Michigan high school that left three people dead and eight others wounded Wednesday, according to the Oakland County Sheriff's Office.

The latest: Oakland County Sheriff Michael Bouchard said at a briefing Tuesday night that the suspect's father had on Friday bought the 9mm Sig Sauer pistol investigators believe was used in the shooting at Oxford High School. Authorities released the names of the victims late Tuesday.

City Council member Andre Dickens wins Atlanta mayoral race

Atlanta Mayor-elect Andre Dickens in Atlanta, Georgia, late Tuesday. Photo: Paras Griffin/Getty Images

City Council member Andre Dickens won a runoff election Tuesday to become Atlanta's next mayor, soundly beating the council's president Felicia Moore.

The big picture: Dickens was just a few months ago considered to have an outside chance of replacing Mayor Keisha Lance Bottoms, who announced in May that she wouldn't seek a second term.

UN report: Pandemic set to cost global tourism $2 trillion in 2021

A tourist in front of the Eiffel Tower in Paris on Nov. 25. Photo:Chesnot/Getty Images

A new United Nations report warns that global tourism will see only modest revenue gains in 2021 after last year's historic losses amid the COVID-19 pandemic.

Why it matters: Tourism revenues in 2020 fell by more than half from the previous year — a significant blow to the global economy, according to analysis by the UN World Tourism Organization (UNWTO).