|Net Worth:||$9 Billion|
|Date of Birth:||August 29, 1981 (42 years old)|
|Profession:||industrial designer and Internet entrepreneur|
What is Brian Chesky’s Net Worth?
Brian Chesky is an American Industrial designer who has a net worth of $9 million. He was enlisted in Time Magazine as the “100 Most Influential People” in 2015 and later made known his net worth of $100 billion publicly in 2020.
Brain Chesky generates his wealth from the hospitality exchange service Airbnb as their CEO and co-executive director.
Brian Chesky was birthed in Niskayuna, New York on the 29th of August 1981 to Robert and Deborah who were social workers. His mother’s side of the family is Italian, while his father’s lineage is Polish. Chesky also has a younger sister name, Allison.
His interest in design and art started showcasing when he was still growing up which metamorphosed into developing a passion for landscape architecture.
Chesky was schooled at the Rhode Island School of Design, where he later obtained a bachelor’s degree in fine arts and industrial design in 2004.
Long after graduating from school, Brain Chesky became a strategist and industrial designer for the Los Angeles-based business 3DID. He then relocated to San Francisco in 2007 and shared a room with Joe Gebbia, an old classmate from college.
The Industrial Designers Society of America was holding a conference in San Francisco before the end of 2007. As a result, all of the city’s hotels were fully occupied.
Chesky and Gebbia, who were short on cash, made the decision to rent out their apartment in order to make some money. A few air mattresses were purchased, and the duo advertised their offering as Airbed and Breakfast. Nathan Blecharczyk, Chesky’s former roommate, joined Chesky and Gebbia in their enterprise in the early months of 2008.
Together, they put together a website that lets those who can’t get a hotel room arrange short-term lodging and breakfast. The venture received $20,000 in venture investment from the startup accelerator Y Combinator at the beginning of 2009.
Later, the business changed its name to Airbnb, and it added private rooms, flats, and homes to its inventory of available properties.
Increasing Success with Airbnb
Over the years, Airbnb increased its level of success and racked up millions in startup capital. The business established branches in a number of international locations in 2011 and 2012, including London, Paris, Copenhagen, Barcelona, Moscow, So Paulo, and Sydney.
Airbnb secured $1.5 billion in Series E investment in 2015. The company raised about $1.5 billion more in capital over the next two years, raising its valuation to almost $31 billion.
Early in 2018, Airbnb introduced two new products: Beyond by Airbnb, which features premium holiday rentals, and Airbnb Plus, which features residences that have been reviewed for their comfort, style, and level of service.
Personal Life and Charitable Endeavors
Prior to this, Chesky was romantically involved with artist Elissa Patel.
On the philanthropic front, Chesky has signed the Giving Pledge, a commitment made by billionaires Bill Gates and Warren Buffett to donate the bulk of their money during their lifetimes.
The Obama Foundation also received a $100 million grant from Chesky to start a scholarship program for students aspiring to serve in public service.
The program provides up to $50,000 in financial help, a $10,000 stipend, and free Airbnb lodging to start a summer work-travel experience, among other things.
Airbnb Economic Mismanagement
Bookings on Airbnb fell significantly in numerous places in 2020 during the COVID-19 outbreak. In response, the company raised $1 billion in equity from the businesses Silver Lake and Sixth Street Partners.
Chesky promptly made the announcement that 1,900 employees of Airbnb would be let go. The company went public later in the year.
Over the years, Airbnb has faced a number of different issues and scandals. It has been accused of racism and discrimination by innkeepers, and it has also come under fire for its role in several neighborhoods’ skyrocketing house prices.
Additionally, Airbnb has been held accountable for a lot of unfavorable visitor encounters, including murder, theft, sexual assault, and bait-and-switch schemes.
The inaugural day of the Airbnb IPO was December 10, 2020. The company’s anticipated market valuation on December 9 was a little under $50 billion. The company’s market capitalization soared to $100 billion by the morning of December 10.
At that point, Nathan, Brian, and Joe each had an estimated $11 billion in paper value. When the business ultimately went public, its shares immediately began trading at $147 each, giving it a market valuation of $100 billion.
On the day of the IPO, they also each sold 100 million dollars worth of personal shares. Brian still controls over 77 million shares in Airbnb even after that sale.
Brian received 12 million more Uber options as part of a retention package in April 2020, at the height of the COVID outbreak. The grant was linked to different share price milestones. On the day of the company’s IPO, he achieved a number of goals.
That one-time donation, in addition to his additional $11.4 billion other interest, had a total future potential value of $1.8 billion on the IPO day, which was just nine months later. To get the whole grant, Airbnb’s shares must rise beyond $485.
The Giving Pledge is a commitment made by all three founders to give at least half of their wealth to charity.
Recognition and Awards
The entrepreneur has received a lot of awards as a result of Chesky’s success with Airbnb. He was named one of Time magazine’s “100 Most Influential People” of the year in 2015, and Forbes named him one of “America’s Richest Entrepreneurs Under 40.”
Obama designated Chesky an Ambassador of Global Entrepreneurship in 2015 as well. Furthermore, in 2018, the Business Times recognized him as Bay Area Executive of the Year.
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