Investors Sue Airbnb Over Losing Shareholder Proposals in the Mail
The lawsuits highlight the growing number of hurdles shareholders face when filing corporate resolutions.
Airbnb Inc. is the epitome of digital, frictionless, the-world-at-your-fingertips capitalism — unless you want to file a shareholder proposal. Then it’s all about paper, shipping labels and who’s manning the mailroom.
That’s the central complaint from two Airbnb investors who filed a joint lawsuit earlier this month accusing the short-term rental company of pulling a vanishing act with both of their shareholder proposals. Conservative activist investors the Heritage Foundation, the think tank behind Project 2025, and American Conservative Values ETF (ticker ACVF) say they separately mailed physical copies of proposals — as required by company bylaws — to Airbnb headquarters in December and have FedEx receipts showing someone signed for them.
But Airbnb said it never received them, and blamed FedEx for fudging the receipts. And so started the saga of the mailroom mystery.