the consequences of the COVID crisis are significant for Airbnb.
Airbnb announced a $1 billion round of funding from new investors in early April, as it faces an increasingly uncertain market ahead of its planned 2020 IPO.
The influx of funds from private equity firms Silver Lake and Sixth Street Partners comes as the website's hosts are seeing an increase in cancellations.
According to short-term rental analysis company AirDNA, more than 80% of reservations for the first half of April were cancelled.
Airbnb originally planned to go public this year with a projected valuation of $31 billion; the company reportedly lowered its internal valuation to $26 billion last month.
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