Scammed out of $31,000

• Great news — social media is falling apart.
• The surefire way to save America’s cities? Do what Tokyo does.
• The story everyone’s talking about: The Great Zelle Pool Scam.
• A California hedge fund imposed some of the harshest noncompetes on Wall Street.

What do the jobs numbers tell us? The US economy is still firing in the face of aggressive monetary tightening and interest rates are likely to stay higher for longer.

That’s bad news for stocks, which are less attractive when it’s possible to get 6% on a savings account. And the bond market has suffered a historic rout, as bonds bought when interest rates were much lower get sold in favor of higher-yielding assets.

But what’s bad news for markets is good news for the economy. Unemployment remains at historic lows, and inflation continues to show signs of abating.

Many young people are sick of it and are taking refuge in close-knit private circles like group chats. Welcome to the new era of social media — it may actually be better than what came before.

Read more about this inevitable change.

Also read:

• The loneliness epidemic, the new bet investors are going after

But why isn’t Tokyo, a city facing the same pressures of scarce land and a growing population, also struggling with affordability? The answer: They’re building more homes than the US and at a faster speed, too. And America should take note.

How to avoid doom loops by following Tokyo’s lead.

In an Insider story that’s gone viral, Devin writes about being scammed out of $31,000 — and the difficult lesson he and his wife learned about the downside of payment apps.

Read it here.

But at the $5 billion quant fund The Voleon Group, noncompetes haven’t always included payment, according to ex-employees. And the California hedge fund has managed to do so despite state labor laws banning the enforcement of noncompetes.

More on one hedge fund’s aggressive noncompetes.

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• The 68 most important VCs in New York, according to other VCs.
• LinkedIn is telling some workers to return to the office multiple days a week, leaked memo shows.
• America’s biggest cities have 5.5 million empty homes.
• “I made over $800K at Meta. Here’s how I significantly increased my compensation.”
• Wall Street’s rising stars share the lessons they’ve learned from their biggest career mistakes.

Matt Turner, editor in chief of business, in New York City. Dan DeFrancesco, senior editor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Grace Lett, associate editor, in Chicago. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City.

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