If they opened higher than the market was willing to pay, the compounded effect would have been brutal, the media would have effectively declared airbnb dead on the sport with article after article contemplating exactly how they would die. And realistically that would have been the case with even a lukewarm launch, so who’s to say the net effect of leaving some money on the table for the 10% investers doesn’t overall pay itself back? The story today definitely isn’t “AirBnB is dying after covid period cuts them to the bone”.