Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today's Sunday edition, a roundup of some of our top stories of the week.
On the agenda today:
- What it's like being caught in an Airbnb "$4" scam.
- Shopify tried to challenge Amazon in logistics. $4?
- A sneak peek inside the healthcare system's "awe-inspiring" and $4.
- Real-estate agents are tacking ludicrous "junk fees" on to $4.
But first: The big $4 from the Milken Institute Global Conference in Beverly Hills.
If this was forwarded to you, sign up here>$4. Download Insider's app here.>$4
Reporters' guide to Milken
The big-money set jetted into LA last week for the Milken Global Conference. The Beverly Hilton was once again bustling with billionaires, with some stopping in the lobby to check out the Bombardier display showing off the executive cabin seating on one of its private jets.
Among those mingling poolside were $4, $4, and $4 from Insider. Here's their guide to Milken:
Biggest takeaway
Oyedele: There was a lot of $4, given the impact of rate hikes on some investments and regional banks. But no one likes the person that takes away the punch bowl.
Biggest opportunity
Campbell: The pullback in lending by banks is raising the hopes of those in $4. More than one investor said that the most recent vintage of private loans will be the most profitable in years.
Behind the scenes
Bergman: Most of the real action of the conference takes place at invite-only private parties. At a Monday night event at what used to be Bette Davis' party villa in West Hollywood, guests such as late-night host Jimmy Kimmel and Kim Lew, who manages the endowment of Columbia University, mingled poolside, nibbling on sushi hand rolls and chocolate-chip cookies.
Also read:
Shopify vs. Amazon
Insider reported in late April that Shopify employees were $4. Then we revealed that insiders were expecting $4. On Thursday, the news was official: Shopify said it was $4 and selling the majority of its logistics business.
This marks an abrupt end of Shopify's nearly four-year foray into fulfillment — and its attempt to take on Amazon. Insiders say it was the right idea, but $4.
Inside Shopify's logistics failure>$4.
Plus, be sure to read:
'Bait-and-switch' scams
For nearly a year, Jeff Palkevich had a steady stream of strangers arriving at his home, looking for an Airbnb that wasn't there.
It turns out Palkevich was caught in the middle of a "bait and switch" — a method often used to avoid short-term-rental laws. It involves an Airbnb host providing one address in the listing, but then notifying the guests at the last minute that the property is actually somewhere else. Often, guests end up at a stranger's home.
Also check out:
Healthcare's AI sprint
Many sectors are grappling with the potential of generative artificial intelligence — and healthcare is no exception.
Hospitals are desperate to use the technology to help patients and doctors, but they're pressing into uncharted territory. They're now moving forward with their own experiments, trying to strike the right balance between speed and safety.
Go inside the "awe-inspiring" and "scary" future of healthcare>$4.
Read more:
'Junk fees'
It goes by many names: an administrative fee, a transaction fee, even a "regulatory compliance" fee. When you sell or buy a house, it can pop up on a closing statement, with charges up to almost $1,000.
"It just has to be looked at as a junk fee," Stephen Brobeck, a senior fellow at the Consumer Federation of America, told Insider. "They can get away with it, so they charge it."
How "junk fees" are driving up the cost of buying a home>$4.
This week's quote:
"It's almost like you have the most sophisticated operating partner at your disposal."
- Akash Nigam, the founder and CEO of Genies, who is spending $2,400 a month on ChatGPT accounts $4.
More of this week's top reads:
- Inside Wells Fargo's "chaotic" journey to transform its $4.
- It's becoming clear that corporate greed is $4.
- Terence Kawaja's adtech-focused investment bank Luma Partners may lose $4.
- The 23 longest-lasting cars, trucks, and SUVs that are $4.
- "I love working on a cruise ship. I get free housing and $4."
- Twitter employees' bonuses were nixed as fear spreads that Elon Musk's $4.
- The US needs more workers or it will face $4.
- Researchers just created the largest-ever database of $4.
- Meet Citadel X: The team of engineers at Ken Griffin's $4.
Curated by Matt Turner. Edited by Hallam Bullock and Lisa Ryan. Get in touch: insidertoday@insider.com