Insider Finance - Business - Great news for your next vacation

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March 22, 2023

Hello, Insiders. This is Jennifer H. Cunningham, the editor in chief of Insider’s news division. Our teams have been mining the courts beat across the US this week, bringing you the latest on everything from former President Trump’s possible criminal indictment in Manhattan to Gwyneth Paltrow’s ski-crash trial in Utah.

On the agenda today:

Why the Airbnb battle could be great news for your next vacation.
Bill Gates just published a seven-page letter about AI.
How a guy is using ChatGPT to turn $100 into a business.

— Jennifer H. Cunningham

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THE LATEST

Russia, Fed, & more

Trump was “going about business as usual” and enjoying higher polling on the day he claimed he'd be arrested, his lawyer said. Read more.
Russia is facing an “exodus of troops,” since prisoners recruited to Ukraine are starting to be pardoned and return home, according to UK intel. Read the story.
The Fed is about to deliver a momentous policy decision. A market analyst shared four key questions that investors desperately need answered. The full story.

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THE BIG STORY

Airbnbust

Arif Qazi / Insider

The short-term-rental business is bigger than ever, and some operators are thriving like never before. Others… not so much.

The number of nights booked at US short-term rentals like Airbnb and Vrbo reached a record high in 2022 — as did revenue. But the increasingly bifurcated state of the market — a bust for some, a boom for others — is a clear sign that we have hit a turning point in the long-running battle over short-term rentals.

That leaves local governments with a decision to make: Accept the boom-and-bust cycle that can come as a result of letting short-term rentals run wild, or craft rules to keep hosts happy and bring peace of mind to residents who fear their neighborhoods could one day be overrun by mini-hotels.

Whichever way cities go, it's clear that the Wild West days of Airbnbs are swiftly drawing to a close. The result may mean a better and more consistent experience for guests — which is great news for your next vacation.

READ THE FULL STORY HERE

TOP READS

EVs, hole in the sun, & more

Tim Levin/Insider

"I drove two of the coolest big electric SUVs you can buy." Insider's Tim Levin tested the $96,000 BMW iX and the $92,000 Rivian R1S. Both EVs are aesthetically striking and quick beyond belief — here's how they stack up.
A second round of layoffs at Meta and Amazon shows companies are taking back their power. Multiple rounds of cuts could become common — and it's not a positive development, experts said. Here's what to know.
A guy asked ChatGPT to turn $100 into "as much money as possible." Less than a week later, Jackson Greathouse Fall had started a business and website, offering products and tips to help people live more sustainably. Here are the first four steps the AI chatbot gave him.
Brace for the S&P 500 to plunge 50% and a painful recession to strike. Jeremy Grantham, an elite investor, said that he expects stocks to plunge and a recession to hit as the "everything bubble" bursts. Here's why.
A “hole” 30 times Earth's size has spread across the sun. Coronal holes blast rapid solar winds into space. The relatively harmless winds should reach earth by the end of the week, with their main effect being more vibrant northern lights. Find out more.
Bill Gates on AI. The billionaire just published a seven-page letter about artificial intelligence and his predictions for its future. He focused on three sectors AI could transform: the workforce, healthcare, and education, while also delving into the debate around chatbots. More here.
Amazon's flawed job-posting process led to "over-hiring." A leaked document revealed that Amazon lacked internal oversight and governance in listing jobs, and that one team listed three times more openings than approved for. More here.

TAKE A LOOK

A 'monster' mobile home

Clayton Balabanov

A retired couple spent $180k converting a dilapidated semitrailer into a mobile home. It took the couple five years to transform the semitruck, which they now live in full time. It comes with a library, spiral staircase, and hot tub. Take a look inside.

WATCH THIS

Damascus Knives

Quality Damascus knives can cost over $5,000. Their signature swirl pattern comes from layering two different alloys and folding them over each other, sometimes resulting in thousands of layers. Here’s what makes them so expensive.

CAN'T GET ENOUGH?

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This edition was curated by Jennifer H. Cunningham, and edited by Hallam Bullock, Lisa Ryan, Nathan Rennolds, and Jack Robert Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - Great news for your next vacation

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