Hosted by Jimmy Kimmel in Los Angeles, the inaugural event drew prominent figures from entertainment and sports to raise awareness for Airbnb's charitable division. The organization rolled out a long-term initiative dedicating 10 cents from every commercial booking toward disaster relief and crisis housing. Backed by the company's $12.2 billion in revenue, the funding will extend beyond disaster victims to shelter veterans, medical travelers, and domestic violence survivors. Airbnb has not yet indicated whether the high-profile gathering will return as an annual event.
Key points
The philanthropic initiative is structured to fund 1 million nights of free emergency hou…: The philanthropic initiative is structured to fund 1 million nights of free emergency housing annually.
Expanded funding targets veterans in need, domestic violence victims, and patients travel…: Expanded funding targets veterans in need, domestic violence victims, and patients traveling for medical care.
The philanthropic arm has been operating since 2020 without confirming future dates for r…: The philanthropic arm has been operating since 2020 without confirming future dates for recurring galas.
Sources checked by our analysis pipeline: 1
Airbnb’s nonprofit held its inaugural gala on Wednesday in Los Angeles, and the internet had one reaction — the what gala?
In case you missed it, back in 2020, Airbnb launched a nonprofit that provides free and temporary housing to families impacted by crisis or disaster. Its gala makes sense, actually, in that significant causes often throw splashy events to please big donors.
In a press release shared with TechCrunch this week, Airbnb noted that the gala marked the launch of a new initiative for the nonprofit, in which Airbnb will start donating a portion of its commercial revenue from each stay booked starting from the day of the gala, October 28. The cut amounts to 10 cents, to be exact, but Airbnb did make $12.2 billion in revenue last year.
This initiative will help generate $500 million that will then go to the nonprofit over the next five years to help it provide free housing for 1 million nights each year, per the release. It will also let the company expand to supporting families also facing displacement due to…
Persistent inflation and elevated household expenses are threatening holiday spending, prompting concerns over consumer resilience during the retail industry's most lucrative quarter. Despite broader projections for retail sector growth, the retail giant's cautious financial outlook triggered an immediate stock sell-off of over 7 percent. These commercial headwinds persist even as the company's enterprise cloud segment experiences surging momentum fueled by global artificial intelligence demand.
Lingering headwinds across the personal computer sector are continuing to impact hardware manufacturers as demand remains subdued. Sluggish consumer and enterprise appetite is actively weighing down corporate financial performance. Consequently, the chipmaker's latest business projections point to a deceleration in expansion over the coming periods.
Amazon has projected its fourth-quarter sales to come in below previous estimates. The company provided the lower-than-expected forecast as part of its upcoming quarterly outlook.