A tale of two loans: Slack: $750M Airbnb: $1B Slack: 0.5% interest Airbnb: 11-12% interest Slack: loan convertible to equity at +24% premium ($31/share) Airbnb: 1% in equity at -49% discount to last private valuation ($18B valuation) Slack: price maker Airbnb: price taker
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Sucks to be a low margin business in crisis
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67% gm until last Q(below software, way below BKNG) but I don’t think they can continue to function at those levels like a traditional platform without owning their properties here on out (or atleast softening take rates) to stop listed property churn.
End of conversation
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