Jim Cramer: Airbnb Is Going to Have a Hard Time Coming Public
Remember when we were looking forward to 2020 IPO's?
Well, many are on the back burner for now, including Airbnb.
And, due to the coronavirus pandemic and social distancing guidelines, the travel and leisure sector, as well as hotel companies and Airbnb have taken hits due to the fall in business.
So, now, Airbnb has secured a $1 billion term loan from institutional investors, which comes just a week after receiving a $1 billion.
The second funding round came from a group of more than 20 investors, including Silver Lake, the largest participant, according to a report from Bloomberg, which cited people with knowledge of the matter. Other investors include BlackRock, Eaton Vance, Fidelity Investments and T. Rowe Price.
“I deeply appreciate the confidence and trust that so many have shown in our company even as every sector in travel is going through the storm of the pandemic,” said Brian Chesky, Airbnb CEO and co-founder, in a statement. “All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the storm of the pandemic even stronger, regardless of how long the storm lasts.”
Jim Cramer weighs in on Airbnb.
Watch the full video above for more.
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