Airbnb CEO insists 'business will fully recover' as he lays off 25% of employees

The future is bright for Airbnb. The medium term, however, perhaps not so much. 

That's according to CEO Brian Chesky, who on Tuesday laid off 25 percent of the company following a downturn in rental bookings brought about by the coronavirus. First reported by the Information, with hard numbers confirmed by CNBC, the layoffs mark an incredible turn for a company that as recently as last fall was planning to go public this year. 

The pandemic, and its devastating effects on the travel industry, changed all that. Instead of a long-awaited IPO, Airbnb will lay off approximately 1,900 employees.  Read more...