Why can't we get back to a place of finding the good in every story/person instead of trying to tell everyone that they're doing something wrong?
Also, holy cow! From credit card debt to billions. It makes the story that much better!
...of also debt. 2.2 billion.
I struggle to understand how their expenses are so high. Or why investors are happy to keep buying into a company that has failed to ever be profitable. Look at the cap tables. They've gone into massive deficit every year running an app. A $3B/year app.
Both options are reasonable investment strategies but for folks who will take a gamble to have a bigger pie, #1 is pretty reasonable. Especially if you can later cut costs and still have that 10% profit margin.
When Amazon spent years and years not making a profit, I understood: They were investing in infrastructure and taking on new industries. They could make a profit any time they wanted by simply not re-investing any further.
Tesla, SpaceX, and many other companies necessarily have to invest heavily in the early days to build out their infrastructure and capabilities. I understand completely why they might not be profitable for years and yet still be good long-term investments.
With Airbnb, I struggle to understand what they're investing in. There's no inventory. They own no real estate. That's supposed to be the genius of the business model. And yet they keep losing hundreds of millions each year.
When you say they're investing in growth, what exactly are they investing in? What am I missing? What are they doing that costs $3B a year, and how does their cost-to-revenue ratio improve as the business scales?
From where I'm sitting, it looks like the more business they do, the more money they lose.