What We’re Reading
Marker’s Weekend Reads: Brian Chesky on Rejection, Real Estate Feels the Compass Effect, Most-Viewed GIFs of 2020
Some of the great articles on Medium that we’ve been reading and talking about. Happy reading (and highlighting)!
Airbnb CEO Brian Chesky momentarily found himself at a loss for words on Bloomberg TV when host Emily Chang reported shares were set to trade at $139, more than double the IPO’s price of $68. The home-rental company closed its first day with a mind-boggling $100.7 billion market cap. Mario Gabriele broke down the company’s S-1 filing earlier this week in Marker, and it’s a testament to how far the company has come. “Next time you have an idea and it gets rejected, I want you to think of these emails,” Chesky wrote on Medium after posting screenshots of rejection emails from investors back in 2008. At the time, he was trying to raise $150,000 at a $1.5 million valuation, and the company was on the brink of collapse. — Gloria Oh, Senior Ideas Editor, Marker
In March, Compass CEO Robert Reffkin wrote a plea to Congress when his industry ground to a halt. By summer, Compass hadn’t just recovered, it was posting record-breaking monthly revenue every month from June to October. As they blow into market after market, wooing agents with plush fees and bonuses, critics say what they’re doing isn’t high tech — it’s brute force. “They’re a disruptor by capital, not innovation.” This is a story with incredible reporting by Patrick Sisson and a bonus fascinating history lesson in real estate, including delights like curbstoners, bamboozling sharks, and sledgehammer-driven makeovers. — Danielle Sacks, Editor-in-Chief, Marker
