Hello, Insiders. This is Spriha Srivastava, Insider's London bureau chief. Are there too many real-estate agents in the US? We're about to find out. As today's big story explains, there are now two agents for every home for sale — and the housing crunch has triggered a brutal reckoning. Plus, what's on tap today:
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— Spriha Srivastava
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THE LATEST Elizabeth Holmes, Goldman, & more |
- Elizabeth Holmes is seeking to reverse her "unjust" conviction or reduce her 11-year prison sentence, just one week before she's due to report to prison. Read more.
- Goldman Sachs took a beating in the first quarter. Here are five things CEO David Solomon can do to quell the dissenters in 2023.
- Netflix says it will finally crack down on password sharing soon — so you have about two more months to let people use your login for free. The full story.
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THE BIG STORY Realtor reckoning |
Real-estate agents are in for a brutal reckoning — and many won't survive the housing crunch. A wave of hopeful dealmakers jumped headfirst into the real-estate-agent waters during the pandemic, betting that booming home prices would lead to hefty commission checks. "We went through the same thing back in '06, '07," Jessica Reinhardt of the Denver Metro Association of Realtors told Insider's James Rodriguez. "There was just an unprecedented amount of Realtors coming in." But just as the housing market goes through booms and busts, so do the ranks of real-estate agents. The recent slowdown in sales is forcing many agents — especially the newbies — to decide whether the shrinking returns are worth the thousands of dollars and countless hours they're pouring into their businesses. As the spring homebuying season approaches, the industry is bracing to find out who's in it for the long haul — and who is going to wash out. |
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TOP READS Fox News, LeBron James, & more |
Ridofranz/Getty, Dietbet, Tyler Le/Insider
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- DietBet — wagering on weight. A dieting app is paying influencers to promote weight-loss contests. But DietBet is keeping a key piece of information secret. The influencers are quietly profiting from their followers' participation. Get the full story.
- Fox News is unlikely to feel the pinch from its record $787.5 million payout to Dominion. Fox Corp. had nearly $4.1 billion of cash on hand, but the "staggering amount" of the settlement is still "hugely embarrassing" for the company, one former Fox executive said. Dig into the numbers. Plus, check out 16 key takeaways from the settlement.
- Mark Zuckerberg is investing in metaverse games as Meta layoffs loom. Teams working on gaming-related projects at the company are some of the only ones deemed to be "safe" amid a new round of job cuts set to begin today. Read our scoop.
- Netflix is ending its DVD-rental service after 25 years. We've outlined how the company grew from a DVD-by-mail rental service into a Hollywood disruptor with over 230 million subscribers — check out its history.
- The major US cities with the lowest property taxes. LendingTree found out how much homeowners pay for property taxes in 50 of the nation's largest cities. Insider broke down the 10 US metropolitan areas with the lowest property taxes, including Charlotte and New Orleans. Find them here.
- LeBron James is a billionaire — and notoriously cheap. LeBron's latest contract extension will make him the highest-earning player of all time, with $532 million. But despite his vast wealth, Dwyane Wade once called him "the cheapest guy in the NBA." Here's why.
- Retiring to Spain for a better quality of life. Michelle Cutler's mom moved to Andalusia, Spain, from the US after retiring. She hasn't had to pay more than $3 for prescriptions and never receives bills from doctors. Cutler said she didn't expect to move in with her. More here.
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TAKE A LOOK Coachella reality |
Coachella: Instagram vs. reality. It's one of the biggest and most famous music festivals in the world. But these real-life photos prove it's not always as glamorous as it appears on social media. Check out the photos here. |
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Cryptocurrencies have been on a wild journey since Bitcoin first emerged in 2009. The value of the digital coins peaked in 2021 before the crash of 2022 and the bankruptcy of FTX. But the future is still murky as skeptics say the digital coins need to prove their worth. |
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This edition was curated by Spriha Srivastava, and edited by Hallam Bullock, Lisa Ryan, Nathan Rennolds, and Jack Robert Stacey. Get in touch: insidertoday@insider.com. |
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