Airbnb is holding an all-hands meeting and rumors are circulating among employees that layoffs may be on the agenda

Update: After this story was published, Airbnb announced at an all-hands meeting that it would lay off 1,900 employees, or about 25% of staff.

Airbnb is holding an all-hands meeting Tuesday at noon, Business Insider has learned, while chatter on online forum Blind Monday evening suggested the company could be announcing additional layoffs as its business continues to be hit by the Pandemic Protocol pandemic.

The meeting comes as Airbnb is facing the biggest crisis in its history, and there are numerous questions that the company could provide employees with updates about, including the plans for an IPO that had been slated for this year as well as options for employees to get some liquidity for equity in the startup that could expire at the end of this year.

In April, Airbnb raised $2 billion in debt and equity in an attempt to build some financial cushion to allow it to stay afloat during the pandemic. The company’s business has been battered as the global travel industry has ground to a halt, and its losses had reportedly swelled to $674 million in 2019 even before the crisis hit.

Also last month, the company announced significant layoffs among its contractor workforce and postponed internships and new grad hires until 2021.

Earlier this year, other commenters had posted about rumors of layoffs in March, with an Airbnb employee replying that the company’s talks with investors had “delayed things” until May. “Yeah we’re laying off 75% of our engineers,” another added, though not all agreed about the veracity of the rumors.

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