Industry Update
External Article22 April 2014

More Legal Hot Water for Airbnb

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It's been a roller coaster of a week for Airbnb. The startup closed a deal for $450 million in funding, attaining a valuation it'd reportedly been chasing: $10 billion. It's now, after this funding round led by private-equity firm TPG, one of the most valuable startups on the planet. Before the bubbly had time to settle in San Francisco, bad news came from out east: New York State attorney general Eric Schneiderman Monday filed an affidavit with the state Supreme Court in Albany claiming that the majority of Airbnb listings in New York are illegal. Arguments are expected to begin tomorrow.

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