When shares in Airbnb opened at $144.71 on the Nasdaq in December 2020, it marked one of the most successful IPOs in history.

The rental platform’s shares skyrocketed on their first day of trading, rising 113% above the initial public offering price of $68 and the firm’s valuation jumped to around $103 billion, compared to $18 billion after the firm’s last private funding round that April.

To put that in context, Airbnb’s debut market capitalization was higher than those of the nation’s three largest hotel chains combined : Marriott International , Hilton Worldwide and Hyatt Hotels had market caps of $43 billion, $39 billion, and $8 billion, respectively.

Its CEO Brian Chesky should have been ecstatic. Instead, he describes the winning moment as “one of the saddest periods

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