Departing staff will get 14 weeks of pay, plus another week for every year they’ve worked at Airbnb, and will get a year’s worth of health insurance in the US. International workers will get health coverage through the end of 2020. Employees who’ve worked for less than a year can buy their vested share options.

Airbnb has a degree of cushioning. It scrambled to raise capital once the pandemic hit, including $2 billion in debt. All the same, it’s easy to see why the company would cut jobs to such a severe degree. While lockdowns are beginning to lift, it could be a long time until travel resumes in earnest, let alone until enough travellers are comfortable that Airbnb sees pre-pandemic booking levels. The layoffs might help Airbnb survive until that point without having to ask for more money.