Row of single-family detached houses in Alexandria, Virginia.

Grace Cary | Moment | Getty Images

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

Fractional ownership isn’t exactly a new concept in real estate, but one company is taking it to a new level, with the help of new funding from big-name investors. It’s creating a so-called stock market for real estate.

Arrived, which launched in 2021, is a platform for real estate investors to buy and sell shares of rental homes for as little as $100. Rather than investing in a public REIT, they can build their own portfolio of properties, which are managed by Arrived. Not only do the properties generate income from rents, but they can appreciate over time. Because the properties can each be owned by hundreds of investors, they are taxed as REITs.

“We spent about a year working with the SEC to create this framework within the regulation so that both accredited and non-accredited investors can participate,” explained Ryan Frazier, co-founder and CEO of Arrived. “So we have a recurring offering structure through the SEC to register each property, and then each property to qualify as a REIT.”

Frazier describes it as “unbundling” the REIT into individual properties, so investors can pick and choose what they like. Some properties have more than a thousand investors. So far Arrived has roughly 500 properties across 65 cities. It’s been doubling its property count each year. 

Investment platform Roofstock, which mostly sells entire investment properties on its site, also has fractional ownership opportunities but with a much higher minimum investment.

Arrived is now announcing a new $27 million fundraise to help launch a secondary market platform, where investors can trade their shares of individual homes across the U.S. in minutes. This allows them to quickly exit or expand positions as well as capture appreciation and rebalance portfolios. 

“Now investors can buy and sell shares from each other on Arrived,” said Frazier, noting in the first three weeks that the option has been live, investors have submitted 57,000 buy and sell orders on the marketplace.

“I think it’s exciting, because we’re really bringing this liquidity to the real estate market that I think facilitates real estate investing just moving online,” he added.

The new funding was led by Neo, a VC fund and mentorship community.

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“The Arrived team is cracked, and I love the audacity of their vision: a stock market for real estate,” said Ali Partovi, CEO of Neo in a release. “I’m betting on them to democratize and digitize access to America’s $50 trillion in residential real estate.” 

Participation also included Forerunner Ventures, Bezos Expeditions and Core. Other existing investors include Salesforce CEO Marc Benioff, Match Group CEO Spencer Rascoff and Uber CEO Dara Khosrowshahi, bringing total funding to $61.7 million to date.

Since its inception, more than 850,000 investors have collectively invested over $330 million in Arrived homes, according to the company.

This new platform comes at a time when traditional homebuying has stalled and investors are finding it increasingly expensive to purchase single-family rentals on their own. Home prices are still historically high, and interest rates are significantly higher than they were just three years ago during the last housing boom. 

Investors are making up the highest share of homebuyers on record this year, according to Cotality, but only because the pool of owner-occupant buyers has shrunk so much. 

In order to protect itself against weakness in the overall housing market, Frazier said Arrived has become very choosy about its markets and has stopped using long-term leverage in the portfolio. The majority of properties on the Arrived platform, he said, are owned by investors with 100% equity, adding that for those that do have mortgages, the average interest rate is below 4%.

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OpenAI CEO Sam Altman (L) attends a meeting of the White House Task Force on Artificial Intelligence Education in the East Room of the White House on September 04, 2025 in Washington, DC.

Chip Somodevilla | Getty Images News | Getty Images

OpenAI has announced it is developing an AI-centered jobs platform as part of broader efforts to expand AI literacy, and as the company grows its consumer and business-facing AI applications.

The ChatGPT maker’s “OpenAI Jobs Platform” will utilize AI to help connect qualified job candidates to companies, which could put it in competition with Microsoft’s LinkedIn. 

OpenAI and Microsoft have an uneasy partnership, with Microsoft formally labeling the AI startup as a competitor in search and news advertising in its annual filing last year. Microsoft is OpenAI’s biggest investor, having reportedly poured $13 billion in the company.

The news was announced by Fidji Simo, chief executive officer of applications and the former head of Instacart, in a blog post on Thursday. 

“Importantly, the jobs platform won’t just be a way for big companies to attract more talent. It will have a track dedicated to helping local businesses compete, and local governments find the AI talent they need to better serve their constituents,” Simo said.

She didn’t elaborate further on details regarding the platform, but a company spokesperson told TechCrunch that it expects to launch the service by mid-2026. 

Additionally, OpenAI will introduce a new certification program in connection with its “OpenAI Academy,” an online learning platform that teaches workers how to use AI on the job better. This could also put it in competition with LinkedIn’s learning platform, which also offers video courses across business, technology and creative fields, with certifications.

“[W]e’re going to expand the Academy by offering certifications for different levels of AI fluency, from the basics of using AI at work all the way up to AI-custom jobs and prompt engineering,” Simo said, adding that the program will utilize ChatGPT’s Study mode. The study feature turns the chatbot into a teacher that questions, hints and provides feedback, instead of giving direct answers.

Organizations will be able to make the certificate part of their own learning and development programs, with OpenAI already working with Walmart, the largest private employer in the U.S. OpenAI said it plans to certify 10 million Americans by 2030.

The plans come amid fears about how AI is impacting the labor market. Business leaders like Salesforce’s Marc Benioff have recently announced layoffs due to AI, while new studies have linked the technology to mass job loss for certain workers.  

Simo acknowledged the “disruptive” force of AI in her post, saying jobs and companies will look different and need to adapt. 

“[W]hat we can do is help more people become fluent in AI and connect them with companies that need their skills, to give people more economic opportunities. 

Recent research from labor market data company Lightcast found that roles that require AI skills pay higher salaries on average than those that don’t. 

The new initiatives were also said to come as part of OpenAI’s “commitment to the White House’s efforts toward expanding AI literacy.” 

The company has been strengthening ties with Washington, launching a new offering called OpenAI for Government on June 16, the same day it was awarded a contract of up to $200 million by the U.S. Department of Defense. OpenAI is also part of the $500 billion Stargate project, which aims to invest in AI infrastructure in the U.S. over the next four years. 

OpenAI CEO Sam Altman was part of a group of tech leaders that met with U.S. President Donald Trump on Thursday to discuss topics including the development of artificial intelligence. 

Before the dinner, first lady Melania Trump made a speech highlighting the importance of AI in education and American progress, but that “we must manage AI’s growth responsibly.”

The post OpenAI is building an AI jobs platform that could challenge Microsoft’s LinkedIn appeared first on Our Story Insight.

Returns on Amazon are free and easy for shoppers, but they’re risky and expensive for the small businesses that sell a majority of the goods on the world’s biggest e-commerce site. Returns have driven some sellers to exit the popular Fulfillment by Amazon program, while others told CNBC they’d like to leave the platform altogether.

At the heart of the problem is a big rise in returns fraud, which has led to customers mistakenly receiving used products when they ordered something new. In two particularly egregious examples involving baby products described to CNBC, Amazon sent customers used diapers and a chiller with someone else’s rotten breastmilk inside.

“I really don’t think that consumers understand how many small businesses are on Amazon and how their return habits affect small businesses and families like mine,” said Rachelle Baron, owner of Beau and Belle Littles, which sells reusable swim diapers on Amazon.

Baron said her business tanked after a return incident with Amazon. The e-commerce platform shipped soiled swim diapers to customers after the used baby products had been returned to Amazon, Baron said.

“There was actually two diapers that were sent out that were poopy,” she said.

In 2024, nearly 14% of all U.S. retail returns were fraudulent, up from 5% in 2018, according to a report by the National Retail Federation. In total, the report found that returns cost retailers $890 billion in 2024.

Amazon started charging sellers in its fulfillment program (FBA) a new fee in June 2024 for items that exceed certain return rate thresholds. Sellers who sign up for FBA rely on Amazon for logistics, including shipping, packing and returns.

In September, a couple months after the fee went into effect, e-commerce group Helium 10 saw return rates for U.S. Amazon sellers drop nearly 5%.

“It’s forcing the seller to have higher quality listings and higher quality products,” said Helium 10 General Manager Zoe Lu.

Amazon has also started adding a warning label to some “frequently returned items,” which could be contributing to the dip.

Rising prices

However, the new fee may also be leading to rising prices.

One survey by e-commerce analysis company SmartScout found that 65% of sellers said they raised prices in 2024 directly because of Amazon fee changes. Other sellers told CNBC returns fraud is the reason they’ve raised prices.

In total, CNBC talked to seven Amazon sellers to find out how they’re handling the rising cost of returns.

“We’re running at about just over 1% net profit on Amazon, totally due to fraud and return abuse,” said Lorie Corlett, who sells Sterling Spectrum protective cases for hot wheels. She said her return rate is 4% on Amazon and only 1% on other marketplaces like Walmart. “It’s really Amazon that’s accountable at the end of the day. People would stop doing it if Amazon held them accountable.”

Amazon told CNBC it has no tolerance for fraudulent returns and that it takes action against some scammers. Those measures include denying refunds and requiring customer identity verification.

Mike Jelliff sells professional music gear through his GeekStands brand on Amazon and eight other marketplaces. He said his return rate on Amazon is three times higher than the average he sees elsewhere. 

“On eBay, we’re allowed to block specific customers out,” Jelliff said. “But on Amazon, that customer is still allowed to repurchase from us.”

Jelliff showed CNBC the system of about 40 cameras he’s installed in his Tyler, Texas, warehouse to track every outgoing item, incoming return and unboxing. He uses the images when filing appeals with Amazon, including when customers request refunds claiming they never receive an item. He keeps a blacklist of repeat offenders who commit this kind of fraud and those who return used and damaged items, which become a total loss for him.

Amazon has made some improvements to its returns process, said Jelliff, who doesn’t rely on FBA. This includes Amazon allowing small businesses to make multiple appeals when fighting a fraudulent return. Amazon has also let Jelliff opt-out of automatic return labels for items above $100 starting in 2023, and his return rate has been dropping since.

Mike Jelliff at his GeekStands warehouse in Tyler, Texas, on June 6, 2025. Jelliff sees three times more returns of his professional music gear on Amazon, compared to the average on other marketplaces like eBay and Walmart.

Jacob Schatz

Why returns are destroyed

Figuring out which returns are fraudulent and which are ready for re-sale is labor-intensive and item specific, experts said. That creates plenty of room for error.

“Because it’s such a large operation, things are missed,” said Lu of Helium 10. “I think they’re probably missed on the margins, but these stories are very impactful because it is such a reckoning for the brand.”

Ceres Chill founder Lisa Myers, who once relied on Amazon to handle returns for her business as part of FBA, has one of these stories.

In 2023, Amazon sent one of Ceres Chill’s products to a customer with someone else’s rotten breastmilk inside, said Myers, adding that the customer wrote a review saying, “she will never forget that smell.” 

“To have something, and I don’t mean to be dramatic, but dangerous, somebody else’s bodily fluids in your kitchen rotting in something that you had intended to use for your child is unacceptable,” Myers said. “That’s the moment I broke down crying and just sat down and thought, I have no idea how this could have happened.”

Myers said she left FBA after the incident, leaving behind benefits like having her products labeled with Amazon’s Prime badge.

“It hurts our business to not participate in Fulfilled by Amazon,” Myers said. “It’s just we’re not willing to, we will never put profit over the safety and, frankly, mental health of our customers.”

Instead, Myers outsources all her returns to baby resell specialist Goodbuy Gear, which is on track to re-sell 200,000 returned baby products this year.

Re-selling responsibly

Kristin Langenfeld started GoodBuy Gear when she was a new mom struggling to find a good quality, used jogging stroller. 

“We’ve spent the last nine years building out a database that has all of the products and the variations, the common issues, the recalls,” Langenfeld said. “For some of these, there’s 40 points that we inspect on the item itself, and it’s really complicated.”

Langenfeld showed CNBC the process at her warehouse in Malvern, Pennsylvania, where each item is inspected for about 15 minutes and is typically handled by at least four employees. The resource intensive process is paying off. She says 33 new sellers signed up in 2024, three times more than the previous year. And with business growing 50% year-over-year, she’s upgrading to a bigger warehouse in Columbus, Ohio.

She was inspired to handle returns after visiting a major retailer’s returns warehouse five years ago.

“Taped on the floor were signs that said ‘incinerate,’ ‘destroy,'” she said.

Returns generated an estimated 29 million metric tons of carbon emissions in 2024, and 9.8 billion pounds of returns ended up in landfills, according to reverse logistics software provider Optoro.

Amazon has faced criticism for destroying millions of pounds of unused products. In 2022, Amazon told CNBC it was “working towards a goal of zero product disposal,” but wouldn’t give a timeline for that ambition. Three years later, that goal is still in the works, with Amazon telling CNBC in a statement, “The vast majority of returns are resold as new or used, returned to selling partners, liquidated, or donated.”

In 2020, Amazon added two new options for sellers to re-home returns. “Grade and Resell” allows all U.S. FBA sellers to have Amazon rate the return and mark it as “used” before re-selling it. FBA Liquidation allows sellers to recoup some losses by offloading palettes of goods for re-sale on the secondary market through liquidation partners like Liquidity Services.

There’s also an FBA Donations program that’s been around since 2019, allowing sellers to automatically offer eligible overstock and returns to charity groups through the non-profit Good360. Amazon told CNBC these seller programs give a second life to more than 300 million items a year.

For shoppers wanting to keep returns from incineration or landfills, Amazon also has options.

Amazon Resale has used and open-box goods, Amazon Renewed sells refurbished items and Amazon Outlet sells overstock. Daily deal site Woot!, bought by Amazon for $110 million in 2010, also sells scratched and dented items. Customers can also trade in certain electronics, like Amazon devices, phones and tablets, for Amazon gift cards or send them to the company’s certified recycler.

“I hope the change that we’re able to make as a country is that we stop making crap,” Langenfeld said. “We should make high quality products that are meant for resale.”

The post How broken Amazon returns are driving sellers to leave the platform appeared first on Our Story Insight.

The Hims app arranged on a smartphone in New York on Feb. 12, 2025.

Gabby Jones | Bloomberg | Getty Images

Hims & Hers Health shares closed up 5% on Tuesday after the company announced patients can access Eli Lilly‘s weight loss medication Zepbound and diabetes drug Mounjaro, as well as the generic injection liraglutide, through its platform.

Zepbound, Mounjaro and liraglutide are part of the class of weight loss medications called GLP-1s, which have exploded in popularity in recent years. Hims & Hers launched a weight loss program in late 2023, but its GLP-1 offerings have evolved as the company has contended with a volatile supply and regulatory environment.

Lilly’s weekly injections Zepbound and Mounjaro will cost patients $1,899 a month, according to the Hims & Hers website. The generic liraglutide will cost $299 a month, but it requires a daily injection and can be less effective than other GLP-1 medications.

“As we look ahead, we plan to continue to expand our weight loss offering to deliver an even more holistic, personalized experience,” Dr. Craig Primack, senior vice president of weight loss at Hims & Hers, wrote in a blog post.

A Lilly spokesperson said in a statement that the company has “no affiliation” with Hims & Hers and noted that Zepbound is available at lower costs for people who are insured for the product or for those who buy directly from the company. 

In May, Hims & Hers started prescribing compounded semaglutide, the active ingredient in Novo Nordisk’s GLP-1 weight loss medications Ozempic and Wegovy. The offering was immensely popular and helped generate more than $225 million in revenue for the company in 2024.

But compounded drugs can traditionally only be mass produced when the branded medications treatments are in shortage. The U.S. Food and Drug Administration announced in February that the shortage of semaglutide injections products had been resolved.

That meant Hims & Hers had to largely stop offering the compounded medications, though some consumers may still be able to access personalized doses if it’s clinically applicable. 

During the company’s quarterly call with investors in February, Hims & Hers said its weight loss offerings will primarily consist of its oral medications and liraglutide. The company said it expects its weight loss offerings to generate at least $725 million in annual revenue, excluding contributions from compounded semaglutide.

But the company is still lobbying for compounded medications. A pop up on Hims & Hers’ website, which was viewed by CNBC, encourages users to “use your voice” and urge Congress and the FDA to preserve access to compounded treatments.

With Tuesday’s rally, Hims and Hers shares are up about 27% in 2025 after soaring 172% last year.

WATCH: Hims & Hers shares tumble over concerns around weight-loss business

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