Airbnb Inc - Class A

Why was $ABNB the only ZIRP unicorn to make it out unscathed?

Are unit economics much better? Mgmt better?

Verb. 

Bc $ABNB is the verb for short term rentals. They haven’t needed to increase marketing spend to acquire customers. They have been able to hold SGA at approx 3 billion (3.1, 2.8, 3.5 bil) over the last 3 years while growing revenue from 3.3 bil to 8.3 bil.
$ABNB was able to use free money era to obtain market share and network effects while it needed. But importantly hasn’t needed to cont to ramp CAC for increasing revenue. 

$ABNB

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