Airbnb ‘bait and switch’ scam

On the agenda today:

• What it’s like being caught in an Airbnb “bait-and-switch” scam.
• Shopify tried to challenge Amazon in logistics. Was it all a waste?
• A sneak peek inside the healthcare system’s “awe-inspiring” and “scary” AI future.
• Real-estate agents are tacking ludicrous “junk fees” on to every home purchase.

Reporters’ guide to Milken

Among those mingling poolside were Akin Oyedele, Dakin Campbell, and Ben Bergman from Insider. Here’s their guide to Milken:

Biggest takeaway

Oyedele: There was a lot of anger directed at the Fed, 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 the private credit industry. 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.

Shopify vs. Amazon

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 the wrong execution.

Inside Shopify’s logistics failure.

Also check out:

• Shopify president says he has never ‘felt more sure about the future of this company’ in leaked internal audio shared after layoffs

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.

Read the full story.

Plus, be sure to read:

• Here are the most common “bait-and-switch” Airbnb scams, and how to avoid them.

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.

Read more:

• It’s not AI that is going to take your job, but someone who knows how to use AI might
• Ex-Facebook and DeepMind employees in talks to raise sizable initial funding round to build OpenAI rival

“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.

Wells Fargo, Zoom, & more

• Inside Wells Fargo’s “chaotic” journey to transform its services for the ultrarich.
• It’s becoming clear that corporate greed is screwing over the US economy.
• Terence Kawaja’s adtech-focused investment bank Luma Partners may lose three of its partners.
• The 23 longest-lasting cars, trucks, and SUVs that are most likely to hit 250,000 miles.
• “I love working on a cruise ship. I get free housing and food at the buffet.”
• Twitter employees’ bonuses were nixed as fear spreads that Elon Musk’s promised stock grants are worthless.
• The US needs more workers or it will face serious economic chaos.
• Researchers just created the largest-ever database of how we interact on Zoom.
• Meet Citadel X: The team of engineers at Ken Griffin’s $57 billion hedge fund.

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