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Gunnar Rathbun / AP

Walmart is in talks to acquire Bonobos, a men's clothing retailer that has raised over $120 million in venture capital, according to Recode.

Why it matters: This probably won't be a huge purchase by Walmart standards, but continues to show that Walmart's $3 billion purchase of new e-commerce boss Marc Lore (or, to be exact, of Jet.com) is the VC-backed market's most consequential acqui-hire to date. It also is further indication that Lore finally has the freedom ― both financially and strategically ― to attempt what he won't admit publicly wanting so very, very much: Take a massive chunk out of Amazon's core business.

Bottom line: "On the surface, the Walmart and Bonobos brands make little sense together. But Lore has been trying to buy digital-native companies with strong brands that appeal to a different demographic than Walmart does, and ones that have the potential to be healthy standalone businesses with Walmart's backing." ― Jason Del Rey

Go deeper

2 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.

Trump pardons Michael Flynn

President Trump with Michael Flynn in 2016. Photo: David Hume Kennerly/Getty Images

President Trump on Wednesday pardoned his former national security adviser Michael Flynn, who pleaded guilty in the Mueller investigation to lying to FBI agents about his conversations with a former Russian ambassador.

Why it matters: It is the first of multiple pardons expected in the coming weeks, as Axios scooped Tuesday night.