By Sam Boughedda
Airbnb (NASDAQ:ABNB) is facing growing problems with numerous scandals and professionally managed properties aiming to directly compete against the company, according to a research piece from The Bear Cave on Thursday.
The firm conducted an investigation that they claim uncovered "numerous horror stories" and reveals that the platform's top professional hosts are "building out their own booking platforms and offering cheaper deals to cut out Airbnb, growing their own email lists and distribution, and offering loyalty discounts to book off of Airbnb."
"In short, Airbnb's future will look a lot different than its past as the company will now need to compete against its best and largest hosts," The Bear Cave's Edwin Dorsey wrote.
The Bear Cave points to "numerous examples of guests finding hidden cameras in bedrooms and bathrooms" while noting other horror stories such as "the death of three friends from carbon monoxide poising in an Airbnb without carbon monoxide detectors."
Dorsey also pointed to sentiment on Twitter shifting aggressively against the platform, with several tweets within the last few days pointing to issues, such as surprise cleaning requirements and last-minute cancellations.
"Investors view Airbnb as a secular play on travel, a royalty on exploration, and a trusted and indispensable marketplace for millions of disjointed listings from homeowners across the globe. The Bear Cave sees things differently," he wrote.
Airbnb shares are down 4% at the time of writing on Thursday.