Airbnb lowers internal valuation to Sh2.7 trillion as coronavirus hits bookings: source

Airbnb logo is seen in front of diplayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. [REUTERS/Dado Ruvic/Illustration/File Photo]

Airbnb lowered its internal valuation by 16 per cent to $26 billion (Sh2.75 triillion), as the US home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.

Airbnb was valued at $31 billion (Sh3.27 trillion) in its most recent private fund-raising round, the source said. With the coronavirus spreading across the globe, thousands of travellers have called off plans for vacations, work trips and family visits.