Axios

James Lindsay, the founder and CEO of Rap Snacks, has carved out a unique niche in the consumer goods industry by merging his passion for snacking and hip-hop culture.

The big picture: A native of Philadelphia and an alumnus of Cheyney University, Lindsay's entrepreneurial path reflects roughly 30 years of dedication, creativity and guidance.

Party City is planning to close all of its stores, more than a year after it exited bankruptcy, the retailer confirmed Saturday in an email to consumers.

Why it matters: The New Jersey-based party supplies company has been struggling for years even before the pandemic.

Congress stopped the clock ticking toward a government shutdown early Saturday after the Senate followed the GOP-controlled House's lead in passing a stopgap measure that runs through March.

The latest: The resolution came after a Trump-backed plan to suspend the debt ceiling failed in the House Thursday and was nixed from the funding plan.

Holiday travelers fretting over how a government shutdown would affect their flights can breathe easy — now that both chambers of Congress have approved a temporary stopgap avoiding the prospect.

The big picture: An estimated 40 million people are expected to fly during one of the busiest travel periods of the year, and TSA agents and air traffic controllers will continue to work.

If you're feeling behind on your Christmas shopping, you're not alone.

The big picture: A majority of holiday shoppers plan to finish buying gifts the week leading up to Christmas, an annual survey found.

The MAGA-verse, with President-elect Trump and Elon Musk at the helm, continues to wield unprecedented power over Congress — but it has also found its limits.

Why it matters: Three times now, the influential voices surrounding Trump — often organizing on X — have failed to get exactly what they want.

Several iconic homes hit the market in 2024, from the "Home Alone" house to DJ Khaled's former Miami mansion.

Why it matters: Window shopping is fun.

Homes listed over $1 million are taking up a larger share of the market, per Redfin.

The big picture: Wealthy people are the ones who can play in this market. Million-dollar homes grew 1 percentage point to 9.3% in 2024 from 2023, Redfin found.

The U.S. C-suite has seen record turnover this year, with a sharp jump in CEO exits across sectors and regions.

Why it matters: More turnover creates more uncertainty, and a big jump in companies naming interim leaders only compounds that.

The big picture: From January through November of this year, 1,991 CEOs announced their departures, according to a recent report from Challenger, Gray & Christmas.

• With a month left of tracking, that's the highest figure since Challenger began tracking CEO changes in 2002, surpassing the previous peak of 1,914 exits in all of 2023.
• Government/non-profit sector companies saw the highest turnover, clocking 438 exits year-to-date, up from 425 last year.
• The Health Care/Products industry was close behind, recording 230 CEO exits so far this year, a significant bump from 165 in 2023.

What we're watching: The rate of new female CEOs fell slightly.

• The number ticked down to 27.7% from 28.0% during the same period last year.
• It's a stat worth watching, however. After a surge in 2020 and 2021, companies are now appointing fewer women and people of color to their boards, Axios' Emily Peck reported earlier this month.
• A broader corporate and government backlash to DEI initiatives may impact the number of female CEOs in the U.S. over the next few years.

The intrigue: As exits rise, companies are turning more frequently to stopgap leaders who are effectively auditioning for the role.

• Challenger said 13% of all incoming CEOs this year carry an interim tag, against 7% last year.

A handful of unionized Starbucks workers in three cities went on strike Friday morning, the first day of a work stoppage meant to last through Christmas Eve.

Why it matters: The strikes are timed for one of the coffee giant's busiest seasons of the year at stores in three big markets: Chicago, Los Angeles and Seattle.

Elon Musk seemingly endorsed the far-right, anti-immigration Alternative for Germany (AfD) party on Friday.

The big picture: The X owner has used his social media platform to promote his own ideologies. Since gaining more influence in the incoming Trump administration, the billionaire CEO appears to be exercising that power over politics in the U.S. and abroad.

Once again, nearly 600 readers answered the call, offering your projections for the economy of 2025. You're a notch more worried about the outlook than you were one year ago.

Why it matters: It suggests lurking risks for the year ahead that aren't reflected in a buoyant stock market and the generally sunny forecasts from mainstream forecasters and government officials.

Three editors at the crypto news site CoinDesk were let go this week, in a move that's being framed as a restructuring, a newsroom source familiar with the messaging to staff tells Axios.

Why it matters: The award-winning news organization, widely credited with the downfall of FTX and Alameda Research, went through a tumultuous period after rocky crypto markets hit the balance sheet of its former parent, the Digital Currency Group.

Zelle's operator and three major bank co-owners aren't protecting consumers from fraud on the platform, the Consumer Financial Protection Bureau alleged in a lawsuit Friday.

Why it matters: Customers of JPMorgan Chase, Bank of America, and Wells Fargo have lost more than $870 million collectively since Zelle launched in 2017, the suit claims.

Netflix will exclusively stream the next two Women's World Cups in the U.S. as part of a new media rights deal with FIFA.

Why it matters: It's another huge move into live sports for the streaming giant and signals Netflix could be a bigger player than executives publicly let on.

The Federal Reserve's preferred inflation gauge slowed in November, the Commerce Department said on Friday — the first indication of cooling price pressures in months.

Why it matters: Inflation remains too high for policymakers' comfort, but the data offers hope that progress bringing it down might just be bumpy, not completely stalling out.

Discount retailer Big Lots is poised to liquidate its remaining stores after the company's bankruptcy restructuring plans collapsed.

Why it matters: The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September.

The Internal Revenue Service is increasing the "optional standard mileage rate" used to calculate tax deductions by 3 cents a mile for 2025.

The big picture: The increase goes into effect Jan. 1, 2025, bringing the IRS rate to 70 cents per mile driven for business use, the federal agency announced in a statement Thursday.

The value of the stock market is more heavily concentrated than ever in a handful of companies — making its performance as a whole a function of how just a few megacap tech stocks are faring.

Why it matters: When a few companies dominate the market, that makes passive index investors less diversified, and therefore makes their portfolios riskier.

When things are going fine, blow everything up and risk it all. That principle has made Elon Musk the richest human alive — and he's now applying it to the government of the United States.

Why it matters: High risk can mean high return — or it can mean ruin.

Kara Swisher, the popular podcaster and pioneering tech journalist, is trying to round up a group of rich people to fund a bid for the Washington Post, she told us.

• One big problem: Jeff Bezos, the owner, has shown no interest in selling.

This week's epic fight over funding the government captures the power — and flaws — of the new information ecosystem.

Why it matters: Elon Musk and his followers on X proved they dominate the Republican media industrial complex — using a digital revolt to kill a spending bill, and open the door to a government shutdown. That revolt was powered by some false information, tweeted with total self-certainty.

What initially seemed like a release of pent-up demand for air travel immediately following the worst of COVID-19 now looks like a never-ending climb.

Driving the news: Record numbers of travelers are taking to the skies this year, according to the latest TSA data.

The union that represents more than 11,000 Starbucks workers said it plans on launching a five-day strike beginning Friday morning.

Why it matters: The holiday season is one of the company's busiest times of year, and the stoppages will hit three big markets — Los Angeles, Chicago and Seattle.