Roughly $2 billion looks set to be wiped from Airbnb Inc's (NASDAQ:ABNB, ETR:6Z1) market value as the company’s shares are marked to open 2% lower, following a sweeping order from Spain to remove more than 65,000 holiday listings.
The Spanish Consumer Rights Ministry said on Monday that 65,935 listings violated regulations, including failures to display valid licence numbers or clarify whether the host was a private individual or a company. Some listings cited licence numbers that did not match official records.
The move comes amid growing public anger over housing affordability. Large-scale protests have erupted across cities such as Madrid and Barcelona, where residents blame short-term holiday rentals for inflating rents and reducing housing supply.
Minutes before the bell, the stock was marked down $2.75 to $135.25.