Decoder with Nilay Patel Recode Decode: Brian Chesky
May 22, 2020
Brian Chesky, CEO of Airbnb, shares insights on leading his company through the pandemic's hurdles. He discusses returning to Airbnb's roots and the shift toward smaller destinations as remote work flourishes. Chesky reflects on the compassionate handling of layoffs, emphasizing generous severance packages and support for affected employees. He defends raising $2 billion in debt during tough times and ponders how the future of travel will evolve with a less centralized workforce. Plus, he's got a humorous pitch for why 'Pittsburgh is the new Paris!'
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Early COVID-19 Impact and Chesky's Dilemma
- Chesky noticed early COVID-19 impact due to Airbnb's presence in China.
- He faced a dilemma: refunding guests despite hosts' strict cancellation policies.
Chesky's Crisis Management Principles
- Act decisively in a crisis, preserve cash, and consider everyone involved.
- Also, play to win and manage stakeholders effectively.
Airbnb's Pandemic Fundraising
- Airbnb raised $2 billion in debt financing from Silver Lake and others during the pandemic.
- Chesky preferred debt over equity, anticipating a business recovery.