As Airbnb Shares Plunge, CEO Says ‘It’s a Good Time to Buy’

By Natalie Lung

Published: August 07, 2024 at 10:21AM EDT

Brian Chesky, co-founder and chief executive officer of Airbnb Inc., speaks virtually during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Thursday, Dec. 10, 2020. Airbnb Inc. priced its long-awaited initial public offering above a marketed range to raise about $3.5 billion, seizing on investor demand for a home-rental business roaring back from a pandemic-fueled slump. (Victor J. Blue/Bloomberg)

(Bloomberg) -- Airbnb Inc. Chief Executive Officer Brian Chesky’s response to his company’s disappointing outlook and an ensuing share-price plunge: “I’m confident it’s a good time to buy.”

Chesky posted his comment on X in response to someone asking about his company’s latest earnings results.

Airbnb’s shares plunged by as much as 15% in New York on Wednesday, their biggest intraday drop since the company went public in 2020, after the firm said it was seeing some signs of slowing demand from US guests. Airbnb issued a third-quarter outlook that fell far below Wall Street’s expectations.