Airbnb and Other Unicorns Suffer by Staying Private, High-Profile Tech Investor Argues
Skift Take
Would Airbnb and Uber, for example, be truly better off as public companies? It's unclear because they both have access to tons of money already. But they would both certainly be better equipped to spin their own narratives.
As Airbnb mulls executing an initial public offering next year, tech investor Bill Gurley argued that Airbnb and other unicorns suffer by remaining privately held.
"Once you get to a certain size, you can't be a thorn in Expedia and Priceline's ass, and not expect them to turn around and talk and come after you," said Gurley, a general partner a Benchmark Capital, referring to the battle between Airbnb and Booking Holdings over which company has the most alternative accommodations listings and consumer demand.
Over the years, Benchmark has invested in Twitter, Uber, Snapchat, Instagram, OpenTable, Zillow, Glassdoor and many others, although it has not been an investor in Airbnb or any of the online travel agencies.
When companies stay private or transition from a publicly held company back to the private sector, executives often say that there are great advantages to building and running companies outside the glare of quarterly earnings calls.
But in a one-on-one interview
