Summary

• On X, I often come across some version of a stock performance chart showing how Airbnb has performed since its IPO which has been largely flat for more than five years now.
• CEO Brian Chesky's pace of selling has increased as he sold ~$135 million Airbnb stock in just last three weeks which is more than what he sold in all of 2025.
• Chesky was given a highly ambitious RSU program exactly one month before the IPO which would only fully vest if the stock price became 7x the IPO price.
• The award was designed in 10 different tranches, and so far only two of the ten tranches have been vested.
• I am heartened to see the board has eliminated all the qualitative factors which are much easier to game, as evidenced by the fact that management has consistently received full scores in them.

On X, I often come across some version of a stock performance chart showing how Airbnb (ABNB) has performed since its IPO which has been largely flat for more than five years now! It