Due to restrictions on maximum number of shareholders while private to avoid SEC... | Hacker News

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		akg_67 on June 27, 2015 \| parent \| context \| favorite \| on: Airbnb Raises $1.5B in One of Largest Private Plac... Due to restrictions on maximum number of shareholders while private to avoid SEC filing requirements, Airbnb can't issue equity to all their hosts. But there is no reason, they can't do the same if and when they IPO to go public. Last December, Lending Club did this, LC allowed purchase of up to 250 shares at IPO price to each of its retail lenders.

jedberg on June 27, 2015 [–]

They would probably place them all in a syndicate to avoid that problem. They would technically be holders in the syndicate not AirBnB itself.

akg_67 on June 27, 2015 | [–]

IIRC, SEC is not very kind to such arrangements.

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