Business news in brief
By The Associated Press
Airbnb banning use of indoor security cameras worldwide
NEW YORK | Airbnb says it’s banning the use of indoor security cameras in listings on its site around the world by the end of next month.
The San Francisco-based online rental platform said Monday it’s making the change to simplify its security-camera policy while prioritizing privacy. Under the new policy, hosts will still be allowed to use doorbell cameras and noise-decibel monitors, which are only allowed in common spaces, as long as the location and presence of the devices are disclosed.
Airbnb says it expects the new policy to impact a small number of hosts because the majority of its listings do not report having indoor security cameras.
Reddit looking to raise almost $750M in IPO
Social media company Reddit is looking to raise almost $750 million in an initial public offering of its common stock.
The company said in a regulatory filing that the IPO will include 22 million shares of Class A common stock. Reddit is offering approximately 15.3 million shares, while the selling stockholders are offering about 6.7 million shares.
Reddit anticipates that the IPO will be priced between $31 and $34 per share. At the midpoint of that range Reddit would raise about $451 million, and it plans to use proceeds for general corporate purposes, taxes and possibly acquisitions
Housing Secretary Fudge is resigning
WASHINGTON | Housing and Urban Development Deputy Secretary Adrianne Todman will serve as acting secretary when Marcia Fudge’s resignation takes effect March 22. The White House says President Joe Biden will nominate a permanent replacement for Fudge as secretary but has offered no timeline.
Fudge is a former Ohio mayor and congressional representative.
Fudge says she’s leaving HUD “with mixed emotions” after serving as secretary since the start of Biden’s administration. Biden lauds Fudge’s “contributions toward a housing system that works for all Americans.” The president of the National Housing Conference calls Fudge a steadfast advocate for equitable housing policies.
—From AP reports
