The interesting thing I read from reddit was that 30% of Airbnb’s cash flow last year came from an internal hedge fund holding currencies, equities, fixed income. This hedge fund was set up by their ex-CFO, so it's an interesting model for generating income. They take money from guests immediately, but do not pay out to hosts until the guests check in, this delay can be up to many months in advance. This gives them time to invest those assets how they see fit.

The danger here is that 30% of their cash flow is the result of an incredible bull market, so what happens to Airbnb when we hit a recession?