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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.

Go deeper

Updated Dec 18, 2020 - Axios Events

Watch: Immigration policy under the new administration

On Friday, December 18 Axios's Stef Kight hosted a conversation on immigration policy in the new administration, unpacking bipartisan initiatives and their wide-reaching impacts on immigrants and refugees, featuring former Secretary of Homeland Security Michael Chertoff and League of United Latin American Citizens CEO Sindy Benavides.

Sindy Benavides discussed the pandemic's unique impact on the Latino community and her view of immigration policy priorities going into the next presidential administration.

  • On the action she hopes President-elect Biden takes around immigration policy: "Reinstate DACA and make sure to rescind the [Department of Homeland Security] memo that stripped that protections away from immigrant eligible recipients, and make sure that we redesignate and expand temporary protected status."
  • On the lack of trust between the U.S. and the immigrant community: "The truth is that there is an erosion of trust that has occurred within the immigrant community under this administration. So many immigrants — many who are mixed-status families with U.S. citizen children and U.S. citizen spouses who have served in our military — are not accessing services because they're so fearful of repercussions from this government."

Michael Chertoff unpacked U.S. immigration policy in the past four years, drawing from his own experiences as Secretary of Homeland Security under President George W. Bush.

  • On the legacy of the Trump administration on the American immigration system: "The inhumanity with respect to the separated children will probably leave a lasting scar...I think it's also created a sense of ill will and lack of trust between a lot of the general public and [the U.S. Customs and Border Protection] and ICE."
  • On his advice to the Biden administration: "It's very important for the incoming administration to reach out and have good relations with our neighbors...Maybe the most important medium to long-term objective is to reduce the pressure that is bringing people to run and put their lives at risk to flee up North."

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with USAFacts Steve Ballmer and discussed the importance of H-1B visas to the technology industry.

  • "When I was running Microsoft, we depended fundamentally not just on native-born engineers, but on foreign-born engineers...[H-1B visas] are a really big deal for keeping our tech economy vibrant, unless people want to see more of those tech and engineering jobs in other countries."

Thank you USAFacts for sponsoring this event.

Mike Allen, author of AM
25 mins ago - Politics & Policy

Ohio upset's '22 clues

Shontel Brown campaigns with Rep. James Clyburn in Cleveland on July 31. Photo: Michael M. Santiago/Getty Images

An upset in Ohio on Tuesday night is giving moderate, Biden-aligned Democrats momentum vs. the party's vocal left ahead of next year's midterms.

Driving the news: In a special primary for U.S. House in the Cleveland area, Cuyahoga County Council member Shontel Brown pulled out a surprise victory for the Democratic establishment in Cleveland.

1 hour ago - Health

New York City revives vaccine passports

Illustration: Aïda Amer/Axios

New York City yesterday became the first city in the U.S. to require proof of coronavirus vaccination for indoor dining and other leisure activities, a measure popular among public health experts but previously squashed by political backlash to "vaccine passports."

Why it matters: Employers and now local governments are starting to ensure that remaining unvaccinated will have consequences for everyday life, testing the resolve of those who say nothing could persuade them to get a shot.

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