Airbnb is worth more than the 3 largest hotel chains combined after its stock popped 143% on its first day of trading
Shares jump 113% on first day of trading, giving home-rental company a market cap roughly equal to competitor Booking Holdings
Airbnb's stock soared on Thursday in its highly anticipated public market debut, closing at $144.71 per share, more than double its initial offering of $68 per share.
That price also gives the short-term rental giant an approximately $86.5 billion valuation. Or, more than the combined market capitalization of the top three hotel chains globally: Hilton Worldwide Holdings, Marriott International, and Intercontinental Hotels Group, which were together worth $84.1 billion when the markets closed Thursday.
Airbnb also surpassed its largest rival among online travel agencies, or OTAs: Booking.com closed at $86.2 billion on Thursday.
Airbnb's private valuation fluctuated dramatically this year, dropping from $31 billion to $18 billion as the COVID-19 pandemic devastated its business, forcing the company to lay off 25% of its workforce and raise more than $2 billion in debt and equity financing, and even calling the timing of its IPO into question.
