TPG Said to Lean Against Airbnb Investment at $10 Billion Value

TPG Capital is leaning against investing in room-sharing startup Airbnb Inc. at a $10 billion valuation, people with knowledge of the discussions said, in a sign that some investors are pushing back against Silicon Valley’s frothy startup funding environment.

TPG has been in talks to invest in San Francisco-based Airbnb, which is raising about $450 million in a financing that would put its value at $10 billion, people familiar with the situation said last month. TPG, which was set to lead the funding with Dragoneer Investment Group, has pushed Airbnb to lower its valuation, among other issues, said one of the people, who asked not to be identified because the talks are private.