July 3rd 2023.
Black Twitter has spoken: they are celebrating the downfall of Airbnb, a brand once popular among millennial and Gen-Z consumers. News of its revenue collapse has been confirmed by Nick Gerli, CEO of Reventure, who tweeted "The Airbnb collapse is real," complete with a graphic showing nearly 50% drops in profits for cities such as Phoenix and Austin.
The news was met with a flurry of commentary from Twitter users, many of whom shared their frustration with Airbnb's behavior. @Chrissy__Dee was particularly vocal in her criticism, stating that the industry had "murdered itself unprovoked" and that owners were "trying to milk unreasonable profits from something that was supposed to be inexpensive by design".
Other users chimed in, noting how Airbnb had led to rising homelessness populations in certain cities, prompting legislation to be passed in order to restrict the amount of properties that could be used as short-term rentals. Another pointed out the excessive restrictions on properties, such as no parties or additional guests, that had made customers hesitant to continue using the company.
The effects of Airbnb's downward trajectory could have far-reaching consequences for the housing market, as shrinking profits could lead to the mass selling of homes, similar to the 2008 housing crash. Despite this, it's clear that many Twitter users could not care less about the overall economy, so long as Airbnb is punished for its wrong moves.
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