Airbnb CEO Brian Chesky

As Airbnb Inc. prepares for an employee stock sale, their valuation is set to rise to $13 billion, up from its $10 million valuation in April. Airbnb is already one of the world’s most valuable private technology companies, beating publically traded hotel chains Wyndham Worldwide ($9.8 billion) and Hyatt Hotels ($9.2 billion).

The company is unlikely to start preparing for an IPO, until it fills the chief financial officer position, which has been vacant since last month when Andrew Swain left the company.

In the meantime, Airbnb is talking to investors about allowing their employees to cash in some of their stock. Sources familiar with the situation said the round could amount to $50 million, however that figure and the valuation could change as it hasn’t closed yet. The transactions, referred to as secondary share sales, will see the funds going to staff rather than becoming new capital for the company.

E-commerce company, Square, raised $150 million early this month from investors. It came at a valuation of $6 billion. Earlier this year, Uber Technologies Inc. set valuation records, when it raised $1.2 billion at a $17 billion valuation.

Regulatory challenges continue to face Airbnb around the world, including New York. However, on October 22, they scored an important victory when San Francisco legalized short-term rentals of less than 30 days by homeowners.