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☆ Investors in Airbnb arbitrage business allege they were defrauded in scheme promising 'higher returns than the stock market'
▼ + stars: | 2024-02-11 | by ( Rohan Goswami Annie Palmer | Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +18 min

Airbnb told CNBC that business practices such as Agyeman's aren't permitted. Airbnb told CNBC it had no business relationship with Agyeman and had taken action to curtail his operations. Carr and other HFA investors told CNBC their frustrations were dismissed or met with legal threats. To get around Airbnb's rules, HFA instructed its investors to list their own homes, a former employee and two investors told CNBC. Airbnb told CNBC that it was rolling out a more robust verification process in the U.S. and elsewhere beginning as early as 2024.

Persons: Elham Ataeiazar Daryn Carr, Carr, Anthony Agyeman, Agyeman, HFA, they've, Agyeman haven't, Airbnb, Brian Chesky, Brendan McDermid, Reuters Carr, Thomas Hunker, Hunker, Wessel Botes, Megan Shears, Shears, It's, Kathy, she'd, copywriters, couldn't, who'd, Collin Ballard, Collin Ballard Ballard, Ballard, lister, HFA's, Agyeman's Wealthway, Wealthway, David Levine, he's, Levine, Levine didn't Organizations: Federal Trade Commission, Department of Justice, Justice Department, FTC, CNBC, Inc, New York Stock Exchange, Reuters, Agyeman, Investors, Google, HFA, MGM, Dallas, North Locations: hustles, Covid, New York City, New York, Airbnb, HFA, Texas, Instagram, Fort Myers, Sanibel, Las Vegas, Dallas, U.S, Agyeman, Florida, North America, Botes

Activist investor Elliott Management has a "sizable" investment in e-commerce firm Etsy , which announced on Thursday that Elliott partner Marc Steinberg would join the company's board. The activist investor has built a roughly 13% position in the stock, a person familiar with the matter told CNBC. The position would make it Etsy's largest investor. Still, the e-commerce company's stock is down about 10% year-to-date. It competes with e-commerce companies including Amazon, which has its own handcrafted products platform.

Persons: Elliott, Marc Steinberg, CNBC's David Faber, Josh, Steinberg, Etsy, Josh Silverman, Silverman Organizations: Nasdaq, Elliott Management, CNBC, Vanguard, BlackRock, Match Group, Philips, Amazon Locations: New York City, Salesforce, Brazil

Ryan Petersen, chief executive officer of Flexport, participates in a panel discussion during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Wednesday, May 4, 2022. In a post on X, formerly known as Twitter, Petersen wrote that the company "can't just give out cash." In reclaiming the top position at Flexport, Petersen is displacing his handpicked successor, former Amazon executive Dave Clark, a little more than a year into his tenure. It's messed up," Petersen wrote. "We were on it," Petersen wrote in response to a post.

Persons: Ryan Petersen, Petersen, Dave Clark, It's, that's, Andreessen Horowitz, Peter Thiel's, Clark, Teresa Carlson, Clark's, Carlson, Flexport didn't Organizations: Milken Institute Global Conference, Twitter, Amazon, Fund, Microsoft, Flexport Locations: Beverly Hills , California, U.S, Flexport, Bay, CNBC's, Seattle, Dallas, San Francisco , Los Angeles, New York

The case is the latest example of the Federal Trade Commission cracking down on deceptive e-commerce consultancies that target consumers and fledgling online businesses. The Cresto brothers also took 35% of any profits from their "partners'" e-commerce stores, the complaint says. The suspensions left Empire's clients deeply in debt, the FTC alleged, "because Empire typically had its clients pay for inventory on credit cards." The scheme is ongoing and defrauding consumers of tens of thousands of dollars, according to the FTC. Amazon and Walmart did not immediately respond to CNBC's requests for comment.

Persons: John, Roman Cresto, Ecommerce Organizations: Amazon, Walmart, Federal Trade Commission, FTC, Southern, Southern District of Locations: U.S, Southern District, Southern District of California, Italy

A blue and white Shark Vacuum on a store display. After its listing at just over $30 a share, the stock — trading under ticker symbol SN — rocketed 40% in its first day. Shark's upright vacuums and Ninja's electric grills each account for 43% of their respective markets in the U.S., the filing showed. From 2019 to 2022, Shark's robot vacuum market share grew from 15% to 25%. JS Global separated the U.S. and China businesses, citing "geographic-specific considerations."

Persons: Mark Barrocas, SharkNinja, greenlit Amazon's, Xuning Wang Organizations: SharkNinja, New York Stock Exchange, Kong's, CNBC, U.S, Amazon, JS Global Locations: Friday's, China, North America, U.S, Boston, Needham , Massachusetts, Hong Kong

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