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Billionaire Elon Musk runs Twitter, SpaceX, Tesla and Neuralink, among others.

Elon Musk

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Axios Pro: Deals

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

National

The Treasury Department on Saturday said it would allow Chevron to resume pumping oil from Venezuela oil fields. 

Why it matters: The license, granted by the Treasury Department, would allow the California-based oil company to pump Venezuelan oil for the first time in years in joint ventures with Venezuela's national oil company Petróleos de Venezuela (PdVSA.)

It also signals an opening for other oil companies to resume their business in the South American country, two years after the Trump administration cracked down on companies’ activities there in an effort to put pressure and oust the Maduro government, the Wall Street Journal reports.

Venezuelan President Nicolás Maduro and the Unitary Platform, an opposition coalition, reached an agreement to implement a humanitarian program and continue negotiations to hold free and fair elections within the country. 

Details: The license prohibits PdVSA from receiving profits from Chevron’s oil sales and the U.S. and it does not authorize other activity with PdVSA, the U.S. Treasury said in a statement.

Other Venezuela-related sanctions and restrictions imposed by the United States remain in place.

What they're saying: "The announcements by the Unitary Platform and the Maduro regime are important steps in the right direction to restore democracy in the country," the Treasury Department said.

"The United States welcomes and supports the reopening of negotiations between the Unitary Platform and the Maduro regime, as part of our longstanding policy to support the peaceful restoration of democracy, free and fair elections, and respect for the rights and freedoms of Venezuelans."

“This action is not being taken in response to energy prices, this is a limited license. As we have said in the past, this is about the regime taking the steps needed to support the restoration of democracy in Venezuela," a Biden administration official said in a separate statement to Axios. 

Our thought bubble via Axios' Andrew Freedman: This move, while tied to political developments in Venezuela, could keep gas prices lower by adding more oil to the global market.

Flashback: U.S. officials had previously offered to ease some sanctions on Venezuela to encourage peaceful negotiations between the opposition and the Maduro regime.

Biden officials in March made a rare trip to Venezuela to meet with the Maduro regime to discuss the release of U.S. detainees and urge them to continue negotiations, which have been suspended for months.

Go deeper: U.S. to ease some economic sanctions on Venezuela

Editor's note: This story has been updated to include a second statement from the Biden administration.

U.S. gives Chevron go ahead to pump oil in Venezuela again

The license signals an opening for other oil companies to resume their business in Venezuela.

Sign at entrance to global headquarters of petroleum company Chevron in San Ramon, California, October 22, 2019. Photo by Smith Collection/Gado/Getty Images

Big Oil

Energy & Environment

President Biden has made the COVID-19 crisis and a post-Trump return to national unity and traditional democratic ideals his top priorities. From vaccinations to stimulus to schools, Biden is seeking bipartisan compromise while showing a willingness to use executive authority and bare Democratic majorities in the U.S. House and Senate to implement his policies. Republican leaders are navigating deep party divisions over if and how to move beyond former President Trump.

Politics & Policy

A record $9.12 billion was spent online for Black Friday, with electronics driving much of the growth compared to last year, according to new Adobe Analytics data.

Why it matters: These record-breaking sales happened amid rising concerns about inflation and the cost of living.

Details: Sales for Black Friday jumped 2.3% year over year, according to Adobe.

Purchases on electronics led the way, soaring by 221% compared to an average day in October. Smart home items jumped 271% and audio items jumped 230%.

Gaming was a popular category, with buyers snagging Xbox Series X and PlayStation 5 consoles, as well as popular games FIFA 23, NBA 2K23 and Pokemon Scarlet & Violet.

Toys (up 285% compared to last year) and exercise equipment (up 218%) performed well on Black Friday, too.

Zoom in: In a sign of the times, consumers took the opportunity to use new payment methods, with buy now, pay later options jumping 78% compared to the week before Black Friday, according to Adobe Analytics data.

Mobile shopping dominated the field, too, setting a new record with 48% of online sales coming from phones, which is up from 44% in 2021.

The big picture: Prices for gas, food, rent and essentials are up this year, which has left consumers in search of deals and discounts this Black Friday, the Associated Press reports. Americans reached into their savings and used their credit cards this holiday season to spend amid inflation.

Last year, consumers were worried about supply chain-related issues as stores struggled to bring in items and products, which left consumers empty-handed, per AP.

Black Friday online sales break new record despite inflation woes

Purchases on electronics led the way, soaring by 221% compared to an average day in October.

Garden City, N.Y.: Overview of shoppers filling the halls of the Roosevelt Field Mall for Black Friday shopping on November 25, 2022.

 Overview of shoppers filling the halls a New York mall. Photo: Howard Schnapp/Newsday RM via Getty Images

Sales

Cyber Monday — expected to be the biggest online shopping day of the year — is getting off to an early start after Black Friday sales end.

Why it matters: Online holiday shopping is growing at a slower pace than in past years but it continues to break records, according to Adobe Analytics.

Many Black Friday sales continue through Saturday, which also is Small Business Saturday.

By the numbers: Consumers spent $5.29 billion on Thanksgiving Day, a 2.9% increase over last year, per Adobe.

Black Friday is expected to bring in $9 billion in online sales, up just 1% from last year. 

Cyber Monday is projected to grow 5.1% over last year with $11.2 billion in sales, Adobe said.

Meanwhile, Cyber Week, the five days from Thanksgiving through Cyber Monday, is expected to generate $34.8 billion in online spending and represent 16.3% of the November to December holiday season, Adobe projects.

Computers and furniture are expected to have the biggest discounts this Cyber Monday, Adobe said.

Here are some of the details about some of the biggest Cyber Monday sales:

Amazon Cyber Monday deals 2022 start Saturday

What's happening: Amazon has one of the earliest starts to its Cyber Monday sale, which will run Saturday through Monday, Nov. 28.

The weekend sale will feature "deep discounts across top categories," the company said in a news release.

Amazon said it will have "surprise deals dropping every 30 minutes during select periods of the three-day event."

Target Cyber Monday 2022 deals start Sunday

Target unveiled details Friday for its two-day Cyber Monday sale that starts Sunday morning online and on the retailer's app.

There will be "deep savings on hundreds of thousands of items" on "everything from TVs and laptops to apparel and toys," Target said.

Target said it will continue to offer weeklong deals similar to the weekly Black Friday deals it started in October. 

Walmart's Cyber Monday sale starts 7pm ET Sunday on the retailer's website and app.

A toy sale continues through Cyber Monday with up to 50% hundreds of toys.

Black Friday sale also continues through the weekend, Walmart told Axios.

Walmart Cyber Monday deals include toys, electronics and small kitchen appliances like coffee makers.

State of play: There is no early start for the Cyber Monday sale for Walmart+ members like with the company's three Black Friday sales, Walmart confirmed to Axios.

Kohl's Cyber Monday deals 2022 kicks off Saturday

Kohl's announced in a news release that its "Cyber Kickoff event" will begin Saturday with "deals on hundreds of top gifts" and a 20% discount.

Free shipping on online orders of $25 or more continues through Monday.

On Cyber Monday, online Kohl’s Rewards shoppers can use a $10 off $50 coupon and earn $15 for every $50 spent. Coupon exclusions apply.

The sale will also kick off a month of Kohl's Cash earn opportunities, the company said with a chance to earn Kohl's Cash every day through Christmas Eve.

Best Buy said on its website that it will hold a Cyber Monday sale Sunday and Monday online and in stores.

Some Cyber deals will be available after Monday, too, the company said.

What they're saying: "Even though Cyber Monday technically falls on a Monday, we like to offer our customers a little more time to shop those hot offers by starting the sale a little earlier," Best Buy said.

What's next: While not a part of Target’s Cyber Monday sale, the retailer will offer a rare gift card discount Dec. 3-4, according to the upcoming sales circular that was posted online Friday.

Details: Get 10% off store gift card purchases up to $500 through its Target Circle loyalty program — for a maximum savings of $50.

Exclusions apply and the offer is available on in-store and online Target gift card purchases.

Flashback: Being a member of the loyalty program has been required to get the annual gift card discount since 2020.

In late September, Target had a two-day gift card discount in late September but it was only for RedCard holders.

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Why sale ads have disappeared for Black Friday and other sales

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Retail braces for wave of holiday phishing, ransomware scams

Cyber Monday deals roll out after Black Friday sales end

Cyber Monday is expected to be the biggest online shopping day of the year once again.

Illustration of a pixelated hand holding a shopping bag

Online shopping

Twitter will "tentatively" roll out a new verification service on Dec. 2, Elon Musk tweeted Friday, the latest revision to his checkmark system plans as the new owner of the social media platform.

Driving the news: The service will feature different colored "verified" checkmarks for different types of accounts, per Musk, which he's previously suggested.

Twitter will manually authenticate the accounts before the check activates, Musk added, calling the tactic "painful, but necessary."

"Gold check for companies, grey check for government, blue for individuals (celebrity or not)."

In another tweet, Musk said all individuals will have the same blue checkmark — citing the subjectiveness of determining who is considered "notable" — but that "individuals can have secondary tiny logo showing they belong to an org if verified as such by that org."

"Longer explanation next week," he added.

State of play: Earlier this month, Twitter suspended the launch of the revamped $7.99 monthly subscription service that comes with a blue checkmark next to users' names, after a spate of newly-verified checkmark users embarked on fraudulent pranks.

Musk said then the relaunch would be on hold until Nov. 29.

Earlier this week, Musk said he was "holding off" on the relaunch of Twitter Blue Verified until "there is high confidence of stopping impersonation."

Musk had also previously launched a separate "official" label to verify an account's legitimacy outside of the blue checkmark, but later announced that he had "killed it."

The big picture: Musk has made establishing a new verification system a priority since taking over Twitter in October and firing thousands of staff members. The company no longer has a comms team.

Musk says Twitter will "tentatively" launch new verification service next week

"Gold check for companies, grey check for government, blue for individuals," Musk tweeted.

the Elon Musk Twitter account seen displayed on a smartphone and Twitter logo in the background. 

The Elon Musk Twitter account seen displayed on a smartphone and Twitter logo in the background. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Twitter

Big Tech

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Technology

A shooting at a Walmart store in Chesapeake, Virginia on Tuesday night left six people dead and four people injured, Chesapeake Police said Wednesday. 

The latest: The suspected shooter in the attack purchased a pistol on the morning of the mass shooting and left a note on his phone that outlined his plan to target some of his colleagues, according to city officials.

The suspected shooter was identified as Andre Bing, 31. He used a 9mm handgun in the attack, per city officials.

The gunman had no criminal history, city officials said. 

"My God forgive me for what I’m going to do…" the note said, per images shared by city officials on Twitter.

Two of the victims and the shooter were found deceased in the break room of the Walmart, Chesapeake officials wrote on Twitter. One victim was found toward the front of the store.

The city released the victims' names Wednesday evening: Lorenzo Gamble, Brian Pendleton, Kellie Pyle, Randall Blevins and Tyneka Johnson. 

City officials on Friday also confirmed the death of 16-year-old Fernando Chavez-Barron, who had been unidentified because he was a minor.

Officials did not include additional details, but Walmart spokesperson Robert Arrieta confirmed that all six victims were Walmart associates.

Details: The shooter died from what officials believe to be self-inflicted gunshot wounds, Chief Mark Solesky said Wednesday.

Bing was identified as an overnight team lead who had worked at Walmart since 2010, the company said in a statement.

Chesapeake Police believe that there were at least 50 people in the store at the time of the shooting, per a media release on Wednesday afternoon.

"Investigators are actively working to learn more about the suspect's background and what may have motivated the shooting," per the release, 

The Chesapeake SWAT team executed a search warrant at the suspect's house.

The Walmart store is expected to be closed for several days while detectives investigate the crime scene, according to Chesapeake Police. 

The investigation into the shooting is still ongoing, Solesky said. "There is no clear motive at this time," he said.  

The big picture: The gun violence at Walmart comes just three days after a mass shooting at an LGBTQ nightclub in Colorado Springs left five people dead.

There have been more than 600 mass shootings in the U.S. this year, according to Gun Violence Archive — which defines a mass shooting as having at least four people injured or killed, not including the shooter.

What they're saying: "The devastating news of last night's shooting ... at the hands of one of our associates has hit our Walmart family hard," Walmart President and CEO Doug McMillon said in an update Wednesday evening. 

"My heart hurts for our associates and the Chesapeake community who have lost or injured loved ones."

"We are here for them today and in the challenging days ahead they will have our support," McMillon added, thanking Walmart associates, first responders and local officials providing help on site. 

The company had said in a statement Tuesday that it was working with law enforcement in their investigation.

"We are shocked at this tragic event ... We are focused on doing everything we can to support our associates and their families at this time."

U.S. Sen. Mark Warner (D-Va.) tweeted early Wednesday: "Sickened by reports of yet another mass shooting, this time at a Walmart in Chesapeake. I'll be monitoring developments closely."

U.S. Rep. Bobby Scott (D-Va.) tweeted: "Tragically, our community is suffering from yet another incident of senseless gun violence just as families are gathering for Thanksgiving. My thoughts are with the victims and their loved ones."

President Biden expressed his condolences in a statement: "Jill and I grieve for those families, for the Chesapeake community, and for the Commonwealth of Virginia, which just suffered a terrible shooting at the University of Virginia this month."

"Because of yet another horrific and senseless act of violence, there are now even more tables across the country that will have empty seats this Thanksgiving. There are now more families who know the worst kind of loss and pain imaginable," Biden said.

Editor's note: This article has been updated with new details throughout.

Chesapeake shooting suspect wrote "death note" before massacre

Alexandra Bernier listens to a prayer during a vigil at St. Thomas Episcopal Church for those killed in a fatal shooting at a Walmart on November 23, 2022 in Chesapeake, Virginia

Alexandra Bernier listens to a prayer during a vigil at St. Thomas Episcopal Church for those killed in a fatal shooting at a Walmart on November 23 in Chesapeake, Virginia. Photo: Nathan Howard/Getty Images

Mass shootings

After weeks of early Black Friday sales, Black Friday proper is officially here with extended store hours and new deals.

Why it matters: Nov. 25 is expected to be one of the busiest shopping days of the year, according to holiday predictions from the National Retail Federation and  Sensormatic Solutions.

By the numbers: The federation estimates 166.3 million people are planning to shop between Thanksgiving and Cyber Monday, which is nearly 8 million more people than last year.

Eight in 10 consumers plan to shop during the five-day holiday period (Thanksgiving through Monday), up from 71% last year, a survey from Deloitte found.

The big picture: More consumers are expected to return to in-store shopping this year, a Samba TV and HarrisX report found.

What's happening: While hours vary by retailer and sometimes by location, 5am is the earliest opening hour with Best Buy, Kohl's and JCPenney opening then.

Walmart, Home Depot, Lowe's and Macy's open at 6am.

Target, Marshalls, T.J. Maxx and HomeGoods open at 7am.

Black Friday hours: What time stores are open

Store hours can vary but here are when the nation's largest retailers will open Friday. In some cases, hours vary greatly so check with your closest stores.

Bath & Body Works: Hours vary but many open at 6am

Bed Bath & Beyond: Varies with many open 6am to 10pm. Note, Axios found many of the retailer's closing stores have reduced hours.

buybuy Baby: Vary, but most open earlier than a normal Friday

Costco Wholesale Club: Varies, but most 9am to 8:30pm

Old Navy: Hours vary with some locations opening at 5am

Amazon's Black Friday sale started at 12:01am PST Thursday and runs for 48 hours, the company said.

Editor's note: This story has been updated with additional information and a new photo.

Student loan repayment pause extended through June 2023 by White House

Black Friday deals are here with extended store hours

Walmart Black Friday hours are the usual 6am to 11pm but many stores are opening early Friday.

Best Buy store with shoppers lined up before the Black Friday opening

Best Buy is open 5am to 10pm for Black Friday 2022. Photo: Kelly Tyko/Axios

Shopping

Axios Finish Line

The Black Friday chaos we used to see in storefronts and shopping malls has moved to logistics centers and warehouses all over the world: 

Hundreds of thousands of employees work long hours — often in tough conditions — to get through the holiday rush.

The big picture: E-commerce's growing share of the retail market, continued COVID precautions and an extended holiday shopping season means we might see shorter lines and smaller crowds in stores on Black Friday. 

But the type of strain Black Friday used to place on in-store retail workers hasn't gone away. It's simply moved out of public view.

By the numbers: In-store traffic on Black Friday last year was down a staggering 28% from pre-pandemic levels, CNBC reports.

Online shoppers outnumbered in-store shoppers 88 million to 67 million on Black Friday 2021, according to the National Retail Federation. 

The stakes: The barrage of holiday orders creates a surge in demand for short-term labor, said Tom Vickers, who leads the Work Futures Research Group at Nottingham Trent University.

 "The evidence suggests that if anything things are getting worse for workers not better," Vickers said.

What they're saying: Amazon told Business Insider, ""We are proud of the great working conditions, wages and benefits, and career opportunities we provide for our associates all year round."

What to watch: Retailers are rapidly adding cutting-edge automation to warehouses. But instead of making workers' lives easier, the machines could push them to work even faster, experts say.

"People have to fit in with the machines," Vickers said. "But human beings are not standardized."

The bottom line: Black Friday sales are projected to hit $942 billion this year, up 6% from last year, per CBS News. 

As consumer demand for deals and speed grows, online retailers, will continue to mobilize hundreds of thousands of workers and machines to meet that demand.

Go deeper: Amazon can't get enough human workers — so here come the robots

The hidden cost of Black Friday

Warehouse injuries increase during the holidays.

Illustration of a small man carrying a giant holiday gift

Amazon

Data: Box Office Mojo; Chart: Sara Wise/Axios

"Black Panther: Wakanda Forever” is expected to top the box office through the Thanksgiving weekend, keeping it on pace to be one of the highest-earning films of the year.

Why it matters: Disney's latest Marvel movie is not only a box office juggernaut, but also represents the Marvel Cinematic Universe's shift toward reflecting the diversity of the real world. 

"Wakanda Forever" — the first MCU film with a Black woman as the main character — is already the third-highest earning MCU film led by a character from an underrepresented community, trailing only "Captain Marvel" and the original "Black Panther."

By the numbers: “Black Panther” is expected to top the Thanksgiving box office this holiday weekend with $40 million in earnings, per Deadline. 

The movie has already toppled 2022's other big hitters, "Spider-Man: No Way Home" (which came out in December 2021) and "Black Adam" (which dropped in October). 

“Wakanda Forever” has made about $550 million worldwide and is expected to eventually topple "Doctor Strange in the Multiverse of Madness" ($955 million), to become the No. 3 movie worldwide

And don't forget that "Wakanda Forever" already holds the all-time record for the biggest opening weekend in November.

"Wakanda Forever" at the head of the table for Thanksgiving weekend

Disney's latest Marvel movie represents the Marvel Cinematic Universe's shift toward reflecting the diversity of the real world.

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