Airbnb is setting up an endowment fund to support its hosts as part of its upcoming initial public offering.
The San Francisco-based home-sharing company said it will set aside 9.2 million shares for the endowment, which will start funding projects when its value tops $1 billion. Airbnb has named a 15-member council of hosts that will meet monthly with Airbnb leadership and decide which projects to fund.
Airbnb depends on hosts for its 7 million listings worldwide. But relations have sometimes been rocky. Earlier this year, hosts revolted when Airbnb allowed guests to cancel their stays and get full refunds amid the pandemic. Airbnb later promised $250 million to hosts to help make up that shortfall.
The company said the endowment is only one effort to include hosts in its upcoming IPO, which is expected before the end of this year. Airbnb wouldn’t comment on other possible plans, including rewarding hosts with shares.
Airbnb said the endowment could fund things like repairs after a hurricane or other hardships. Hosts will be able to share ideas with the council.