Airbnb’s investors will be paid $25.6m to take control of AirBnb

Airbnb’s board of directors has approved a $25m investment from the hedge fund billionaire John Paulson.

The board, which was previously chaired by Paulson, approved the proposal on Wednesday, according to a person familiar with the matter.

Paulson’s portfolio company, Elliott Management, will own 10.7 per cent of AirBsbn.

It will also own 10 per cent in the company.

Paulsons investors will have voting rights and are entitled to nominate the board.

They will have the option to reject the proposal.

The proposal will be subject to shareholder approval and shareholder approval will be required to approve any further funding.

The new ownership is the latest development in a year in which Airbnb has faced criticism for failing to disclose how much its investors are being paid.