Airbnb has suffered a significant sell-off in the share price, with the market very worried about growth prospects. This is the danger of a platform company trading at high valuation multiples that assume ongoing levels of growth.
If you look deeper though, Airbnb is a profitable business that has carved out a strong market position.
Are they getting it wrong lately though, with a position that puts hosts above travelers? Or are there other reasons for the slowdown?
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