Airbnb makes many millions in revenue and has phenomenal growth. They could easily sell the company today for hundreds of millions. That is success.

Instead of selling though, they're raising more money, taking some out themselves, and setting their sights on an even higher level of success.

Makes sense to me.

Well i see a company with strong competitors, high costs, no competitive advantage and insurance risks.

Their product is an inferior version of hotel rooms.

There is a high possibility that they are bankrupt some day.

What the founders are doing makes perfect sense to me, maybe there will never be an IPO or Exit.

Maybe studying economics diseased my brain, but i can't see why competitiveness doesn't matter any more.