Airbnb and OTAs turn customer cash into profit
Travel sites rake in millions from holding guests’ payments in money-market funds
Airbnb and OTAs invest billions of dollars of their customers’ money for their own profit. Thanks to rising interest rates, returns on these investments are higher than ever.
In the third quarter of 2022, Airbnb collected $58.5 million in interest income on its own cash as well as its customers’ cash, a whopping uptick from the $3 million it made over the same period in 2021.
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