Airbnb CEO: 'It's like we're all in a nightclub and the lights just came on'

Airbnb found a crazy niche wherein properties can return crazy good profits. Many of which may not have had any profits. Users could find places to stay at cheaper rates than hotels.

But then they collided with the people who wreck the place. Partiers, neglectful, and malicious. So they had to figure out that cost. Which when they did, they found themselves more expensive than hotels. Hotels had already figured this cost out.

The apparent value of airbnb is suddenly 0; or at least far less than current.

They are -50% from ipo peak, and are at 40 PE ratio. They will be -75 to 90% peak soon. Then again what tech stocks dont have similar numbers?

This sounds like an homage to a well-known quote, which is apparently sourced from Supermoney [0] by Adam Smith (not that Adam Smith):

> We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment, the Black Horseman will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors. Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time, so that everyone keeps asking “What time is it? What time is it?” But none of the clocks have any hands.

[0] https://www.amazon.com/gp/product/0471786314