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Ticker: Airbnb agrees to pay $621 million to settle a tax dispute in Italy; Wall Street closes out its 7th straight winning week
Short-term rental platform Airbnb has agreed to pay 576 million euros ($621 million) to settle a years-long dispute over unpaid taxes in Italy but said it won’t try to recover the money from its hosts.
In November, Italian prosecutors said AirBnb owed about 779 million euros ($840 million) in short-term rental taxes it had failed to pay on behalf of Italian landlords who used the platform between 2017 and 2021.
The San Francisco-based company said in a statement on Wednesday that it was working on introducing new tools for hosts to have their taxes withheld automatically and paid to the Italian tax authorities on their behalf.
Wall Street closes out its 7th straight winning week
Wall Street drifted through mixed trading on Friday to put a quiet end to another rocking week.
The S&P 500 finished nearly unchanged for the day, down 0.36, or less than 0.1%, at 4,719.19. But it’s still hanging within 1.6% of its all-time high set early last year, and it closed out a seventh straight winning week for its longest such streak in six years.
The Dow Jones Industrial Average, which tracks a smaller slice of the U.S. stock market, rose 56.81 points, or 0.2%, to 37,305.16 and set a record for the third straight day. The Nasdaq composite climbed 52.36, or 0.4%, to 14,813.92.