Airbnb may face competition from its top hosts as they start or continue to build out their own direct-booking platforms and offer deals to incentivise guests to book with them instead of through Airbnb, according to a report from short seller Edwin Dorsey’s newsletter, The Bear Cave. The top 1% of hosts control about 23% of all active listings and generate about 28% of total revenue on both Airbnb and its competitor Vrbo, according to analytics firm AirDNA. Many of the biggest operators are Airbnb’s “superhosts”, who often use Airbnb’s split-fee structure. Several high-profile hosts have spoken recently about their desire to undertake direct bookings.