Mateusz Slodkowski/SOPA Images/LightRocket via Getty ImagesAirbnb's board has approved a 2-for-1 private stock split as the value of its shares has ripped higher, Bloomberg reported.The stock split, which comes into effect on Tuesday, would make it easier for retail investors to participate in the company's initial public offering because of the lower cost of each share.
The value of the home-rental app's privately-held shares have climbed 10.4% since the end of the second-quarter.Airbnb plans to raise roughly $3 billion through its IPO in December, giving it a valuation of more than $30 billion.Visit Business Insider's homepage for more stories
.Airbnb has approved a 2-for-1 stock split for privately held shares ahead of its initial public offering slated for December,Bloombergreported on Sunday.The home-rental app told some of its shareholders in an e-mail that beginning Tuesday, they will receive two shares for every one they own. Airbnb's board is said to have approved the move.
Value of the split shares has risen 10.4% since the end of the second-quarter, Bloomberg said, citing compensation reports to the Internal Revenue Service. A pre-IPO stock split could make it easier for retail investors to participate in the expected public offering in two months because it would reduce the share price.
Airbnb did not immediately respond to Business Insider's request for comment.Read more:BANK OF AMERICA: Buy these 11 underowned stocks ahead of their earnings reports because they're the most likely candidates to beat expectations in the weeks ahead
Prior to the stock split, the shares were valued at $69.76 as of September 30, up from $63.15 at the end of the second-quarter, according to an email reviewed by Bloomberg. Following the split, common shares were worth $34.88 each as of September 30.The market value of the total number of Airbnb's shares after the stock split remains unchanged.
The company filed confidentially with the Securities and Exchange Commission for a US IPO in August.Airbnb plans to seek roughly $3 billionthrough the offering. Its market debut could value the company at more than $30 billion.Airbnb recovered from the pandemic faster than expected, as demand for home-rentals and vacations surged once lockdowns were relaxed. The company rebounded from a 70% decline in bookings in May to a relatively better 30% decline in June from the same period last year.
Bernie Sanders says he would accept Labor secretary job if Joe Biden asks
Vermont Sen. Bernie Sanders said Wednesday that he would accept the job of Labor secretary if President-elect Joe Biden asked him to join his Cabinet.
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Minor League baseball team offers stadium stays on AirbnbEver dream about dining over home plate or have batting practice all night? The Pensacola Blue Wahoos in Pensacola, Florida, are giving you the chance to do just that. The minor league baseball team is renting out their stadium on Airbnb for overnight stays after their season was canceled due to the coronavirus pandemic. NBC’s Catie Beck reports for Weekend TODAY. TODAYshow No one could pay me enough to go to Florida right now. TODAYshow