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Airbnb's defining moves.

The defining strategic moves at Airbnb — each one explained and grounded in the record.

The Asset-Light Bet · Boundaries of the Firm

The World's Largest Accommodation Company Owns No Rooms

Airbnb offers more places to stay than the biggest hotel chains combined, and it owns none of them. That's not a loophole - it's the entire strategy. But owning nothing cuts both ways, and the bet that let Airbnb scale at impossible speed is the same one that leaves it exposed.