Airbnb is laying off about 1900 employees, about 25% of their total staff count.

The announcement was made earlier today by CEO, Brian Chesky, in a long letter to employees.

Affected employees will receive 14 weeks of pay, and one more week for each year served at the company, as well as 12 months of health insurance.

The travel industry has ground to a halt ever since the pandemic started, and has resulted in a steep drop revenue for Airbnb.

The cuts are expected to save Airbnb approximately $400 - $500 million a year moving forward.

The company also mentioned that they are finding new solutions to adapt to the "new normal" which will last for a while.

“While we know Airbnb’s business will fully recover,” he added, “the changes it will undergo are not temporary or short-lived.”, mentions CEO of Airbnb, Brian Chesky