2023-07-21 11:44:00
In the middle of the deep housing crisis that the country is going through, with the scarcest offer of properties in the rental market, the temporary rental modality became a growing trend. It should be noted that specialists define the seriousness of the current situation for the real estate market with compelling figures.
“Usually the supply of rentals for housing around 20,000 units, while currently only about 1,300 are available. Regarding the sale, in normal times there were some 60,000 properties on offer, when today there are 120,000”, Enrique Abatti, president of the Chamber of Owners of the Argentine Republic, specified to Modo Fontevecchia.
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The truth is that the rental platform’s share prices have risen in recent years, favored by the housing crisis that led owners to offer their properties for temporary rent. In this way, they seek to avoid being left with their rented properties under contracts regulated by the controversy rental law in force and its conditions: minimum legal term of 3 years and annual updating by the Leasing Contracts Index (ICL).
In this context, Joe Gebbia, co-founder of Airbnb, increased his wealth by USD 3,000 million (2,673 million euros) and sold, so far this year, more than USD 1,000 million in Airbnb class A shares. In this sense, after recording a marked rise in the company’s shares, he redounds to an increase of 70% since Januarywhich led to growth in Gebbia net worth reaching nearly $9 billion (8,019 million euros).
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another young millionaire
In this way, Gebbia, at only 41 years old, is another of the young millionaires, who ranks 251 among the richest people in the world, according to the Bloomberg Billionaires Index.
The founder of the platform sold 516,666 Airbnb class “A” shares for USD 71.7 million (63.9 million euros). This share placement was part of the profitability process that was deployed throughout the year through a series of share sales.
In fact, this particular one was the last one so far in the first half of 2023, which brought the total volume of stock sales up to reach USD 1.4 billion (890 million euros), according to Bloomberg estimates.
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How Airbnb was born
The platform that was born as a temporary tourist rental app, was founded in 2007. The co-founders of the application are Joe Gebbia, Brian Chesky and Nathan Blecharczyk, the last two currently hold the positions of CEO and director of strategy within the company, respectively.
For his part, Gebbia resigned from his full-time operational duties at Airbnb in July of last year and has since been reducing its shareholding in the company. At the moment, he sold Airbnb shares worth almost USD 1.4 billion, that is, about 1.247 billion euros, according to the Bloomberg survey.
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Although he lowered his stake in the company, Gebbia is still part of the company’s board. Since he is no longer with Airbnb full time, he has assumed the presidency of the non-profit arm, Airbnb.org. In addition, in October 2022, he co-founded Samara, a design studio, and joined the Tesla board.
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