Despite Covid, the "sharing" economy remains in crisis mode.

• In the past ten years, no company has appeared on CNBC's Disruptor 50 list more times than Airbnb, which has been included eight times.
• After completing a 2020 IPO, Covid's private valuation was halved, but its public market value is now five times that of its private valuation.
• Amid ongoing challenges and political strife, CEO and co-founder Brian Chesky declares that 2022 marks a return to the company's core values and fundamental principles.

CNBC examines the progress of companies on the Disruptor 50 list, 10 years after their initial recognition.

Airbnb, the company that revolutionized the hospitality industry, has been recognized as a disruptor 50 times by CNBC, making it the most honored company in the last decade before going public in 2020.

It will be difficult to comprehend how any business, particularly a travel company, launched its market entry during the peak of a worldwide pandemic, like Airbnb did.

In order to overcome the crisis, Airbnb let go of approximately 25% of its employees, which amounted to 1,900 out of 7,500, and raised $2 billion through a combination of equity and debt to strengthen its financial position. The equity portion of the deal valued Airbnb at $18 billion, which was about half of its worth in 2017. At that time, Airbnb also paused activities that were not directly related to its core community, such as transportation and Airbnb Studios, and reduced its investments in hotels and luxury properties.

Roelof Botha, a Sequoia Capital partner, stated to CNBC’s Deirdre Bosa that the sharing economy suffered a significant blow due to the pandemic, which caused the company to fall from first place on the Disruptor 50 list to 41st. However, people are eager to leave their homes and engage in human interaction again.

The validity of his thesis was proven when Airbnb's shares increased by 112% on its first day of trading, surpassing the market caps of major travel industry players such as Expedia, Marriott, and hotel chains like Hilton and Hyatt.

2022: New challenges for Airbnb

In 2022, the stock has performed better than other growth-oriented companies and the tech-heavy sector, which is down about 12% year to date.

In a letter to his employees on May 5, Brian Chesky, co-founder and CEO of Airbnb, emphasized that the company's focus has been refined during the crisis to return to its core values of belonging and connection. He highlighted the importance of getting back to the basics and the unique experiences that everyday people offer through Airbnb.

Airbnb took steps to keep guests and hosts content, but faced criticism for every move. Now, Airbnb has partnered with Vrbo, owned by Expedia, to address the issues.

Other notable Disruptor 50 companies in the gig economy, including , have faced recurring problems such as user dissatisfaction and supply and demand imbalances due to the pandemic.

Recently, Chesky, who is currently on a national tour of Airbnb stays to enhance the customer experience, stated to CNBC that a post-pandemic future of decentralized living will benefit the company. In 2010, Chesky lived exclusively in Airbnb rentals and shared his San Francisco apartment with the company's early employees.

Chesky believes that the success of his company's next move will depend on the same level of customer commitment that was crucial in the early days, when the gig economy model was still a gamble.

A history of battles with politicians and regulators

The regulatory environment will play a crucial role in shaping Airbnb's future. Despite facing legal challenges that hindered its growth, Airbnb has weathered these obstacles better than other highly valued tech companies. In 2014, New York threatened to ban short-term Airbnb rentals, and in 2015, the company spent $8 million to fight a citizen-led ballot initiative that aimed to limit its listings.

In July 2016, Sen. Elizabeth Warren and Hillary Clinton both urged the Federal Trade Commission and called out the sharing economy as potential factors in exacerbating housing shortages and dampened wage growth, respectively.

While some have contended that the gig economy allows landlords to transform permanent dwellings into high-priced temporary rentals, thereby reducing the availability of affordable housing in already costly markets such as San Francisco, Airbnb has asserted that the majority of its clients are middle-class individuals who supplement their income through the platform's services.

Staying and paying in crypto next?

And, believe it or not, there’s opportunity in crypto.

Coinbase CEO Brian Armstrong was one of the company's first software engineers, and Chesky praised him in a CNBC interview last year, stating, "Brian is one of the original architects of our payment platform and fraud detection system, and I'm incredibly proud of his accomplishments."

At the time, Chesky stated that he had remained in contact with Armstrong.

Chesky stated that Airbnb has been considering cryptocurrency adoption but has not made any official announcements yet.

Recently, Airbnb CEO Brian Chesky acknowledged that "crypto payments" is one of the most popular suggestions from Airbnb users.

The blockchain technology that supports cryptocurrency could be Airbnb's next big move, according to some proponents. They predict that blockchain adoption will increase in the near future, with some comparing its potential to the early days of the internet.

Chesky envisions a travel revolution similar to what he saw decades ago when Airbnb was striving for profitability, as it is now remembered as a beloved startup.