Airbnb Hit With Massive $10M Penalty For Confessing To Misleading Australian Customers With USD Charges
Portfolio Pulse from Benzinga Neuro
Airbnb Inc. (NASDAQ:ABNB) has been fined AU$15 million ($10 million) by an Australian court for misleading Australian customers by displaying prices in U.S. dollars without proper indication, affecting around 63,000 customers from January 2018 to August 2021. The company will also pay AU$400,000 for prosecution costs and may disburse an additional AU$15 million in compensation. Airbnb has since updated its platform to clearly indicate prices in USD.
December 21, 2023 | 2:30 am
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Airbnb Inc. was fined $10 million by an Australian court for misleading customers about currency usage, which could lead to additional compensation payouts.
The fine and potential compensation payouts are likely to have a negative impact on Airbnb's financials in the short term. The news could also affect the company's reputation among consumers and investors, potentially leading to a decrease in stock price.
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