Top stories today:

1. Elon Musk files for injunction to halt OpenAI’s for-profit transition
2. Black Friday sales +5% to $74.4B, with U.S. hitting record $10.8B
3. Michael Saylor pitches BTC to Microsoft in 3-minute presentation
4. BTC ETFs now hold 1M+ of tokens, 5% of total supply
5. Hyperliquid’s newly launched HYPE token +134% after $1B airdrop
6. Meta’s Libra killed by Janet Yellen, exec alleges

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of the few hallucinations):

1. Elon Musk files for injunction to halt OpenAI’s for-profit transition

• Microsoft and several OpenAI co-founders are named in the preliminary injunction.

• “Irreparable harm” if the injunction isn’t granted, Musk’s attorneys said.

• “Continuous to be utterly without merit,” OpenAI said in response to the lawsuit.

• Relatedly, OpenAI has planned data centers in the U.S. Midwest and Southwest.

  • 1B users target for 2025.

  • Not “close to breaking even.”

3. Black Friday global online sales +5% to $74.4B, with U.S. hitting record $10.8B

• $74.4B vs. $70.9B in 2023, Salesforce estimated.

• +10.2% in the U.S. online spending on Black Friday, Adobe said.

• Mobile devices represented 55% of all online spend.

• +1,800% in GenAI chatbot-driven traffic to retail sites.

• Cyber Monday deals are likely to garner similar traction on Mon.

4. Michael Saylor pitches BTC to Microsoft in 3-minute, 44-slide presentation