Airbnb has suspended all of its marketing in an attempt to save $800 million this year.
Its founders will also not take any salary for the next six months, and top executives will take a 50 percent pay cut, according to Reuters. The company has paused hiring as well, with the exception of a few key roles.
Airbnb had a phone call on Wednesday with bankers to discuss the extension of a $1 billion debt facility as it deals with the economic slowdown sparked by the coronavirus pandemic, and the company has told employees they are not likely to get a bonus this year. Layoffs could be a possibility as well.
“Airbnb is resilient and built to withstand tough times,” the company said in a statement to Reuters, “and we’re doing all we can to strengthen our community and our company.”