with the search engine will reduce competition between social media platforms. it is the first time a global regulator has forced a big tech firm to unwind a completed deal. relators in china have dealt another blow to dd, the giant ride-hailing company. they issued a formal package of rules that protects the rights of millions of drivers that underpin the industry's growth. beijing has already ordered them to delist from the u.s. after going ahead with an epo despite objections. a warning from elon musk, according to the website space explorer, musk says his company faces a genuine risk of bankruptcy if it cannot launch one of its starship vehicles at the rate of one every two weeks next year. the website quoted an internal email. musk indicated that production issues with the engine or worse than they seemed. coming up to him of the weekend.

we are joined by harvey finkelstein to talk about how black friday at cyber monday fair this year. that is next. this is bloomberg. ♪

emily: welcome back. let's get an update on the markets with kriti gupta. you have been looking at retail, what do you see? kriti: the e-commerce boom keeps going. look at this chart that compares e-commerce companies to retail sales. you can see the method, even after we reopen the economy, the method is still undeniably e-commerce. you can see the shift in beating retail sales that happened

during the pandemic, that has not changed. i want to look at some of those major global e-commerce retailers. that's kick it off with amazon. you can look at the divergence. shopify out performing in a big way. alibaba receptive, vulnerable to the regulatory scrutiny. that is why you have seen the drop by 45%. amazon as well. at the whim of the logistics of supply chain concerns. shopify is up 34%. it is not just their global peers they are beating, they are also beating the canadian benchmark. shopify is a canadian company and it is a heavy hitter. you can see not only has it been helping the index rally but it has been outperforming by a huge amount. the question, is that going to be the trend in 2022? emily: thanks so much.

let's get more on those shopping trends with shopify president harley finkelstein. great to have you back after a busy few days. what are the big takeaways from black friday and cyber monday? harley: at the end of friday, i tweeted that my prediction for this black friday is going to be that direct to consumer brands and small businesses would be the winners and that this season would be a barometer for consumer interests. so, black friday set the stage for the weekend. we saw total global sales of $2.9 billion friday alone. interesting lee -- our -- in 2019 we crossed 2.9 billing for the entire weekend and this year we did it in one day. now we have the entire weekend. we saw a $6.3 billion shopify friday, a 23% increase year on year.

47 million consumers made a purchase over the weekend. average cart price was up to $100. people spend more. when you compare that to industrywide results, what you are seeing is that shopify merchants outpaced the industry at astonishing rates. it indicates that independent brands were the winners. emily: i have seen a lot of shopify over the past few days, trying to get my own shopping done. you have adobe coming out saying spending on cyber monday fell for the first time ever this year, clocking in at $10.7 billion or so. how do you square that? harley: it is a tale of two worlds. consumers are voting with their wallets to buy independent brands. when you look at the brands doing well, whether it is albert's, those are all shopify stores. -- which recently went public,

told us they had record sales this season. we are seeing these brands doing very well. we are seeing more of the legacy of traditional brands like lego and doctors, also coming to shopify. it is quite clear the future of retail looks like independent brands and not legacy big-box retailers. emily: why do you think they are coming to shopify versus other options like amazon or walmart? harley: when you sell in a marketplace, you are effectively renting customers. more and more brands want to have a direct relationship with their end consumer. the second thing is when you sell on shopify, you are doing two things. you are selling across every surface area. a couple weeks back i was talking about our integration with tiktok and instagram. when you sell on shopify, you can sell across every area. when you hit the launch button

on your shopify store you are essentially default global. this idea you can get started on shopify, but then go public, that makes us unique. emily: there is a lot of fear right now about supply chain shortages. will you get your stuff on time? my mom started shopping in october. harley: mine too. emily: how is this impacting consumer decisions and how about his -- how bad is the shortage? harley: merchants on shopify have been resilient. they have gone from one obstacle to the next. we keep seeing this read resilience. shipping delays have accelerated consumer shopping earlier like my mom and we are encouraging that and letting merchants know it is better. the supply chain reality looks different for large retailers

and independent businesses. what people assume is that these big-box retailers mayfair better versus independents because they have more scale but that is not the case. what we have seen is direct to consumer brands have stronger margins and can better leverage technology. we are seeing merchants fare better than the biggest retailers because of the razor thin margins. emily: what are your expectations? is everybody done? there are still procrastinators out there. harley: there are still procrastinators out there. but the fact we saw over $6 billion happen in four days is still very important. i think consumers can be shopping for their favorite brands well into christmas.

emily: we are still feeling the pandemic. how will this year compared to next year? what does that mean for shopify? as people go back to brick and mortar, as we saw them do, what does that mean for shopify? harley: shopify is unique because we were a pandemic story were so much to -- digitalization happened day and so many people entered entrepreneurship's in rates we had never seen. we are also eight amazing recovery story because we have seen our channels. we have a massive business doing brick and mortar stores. for us to be the entrepreneurship company, it means we have to give merchants the ability to sell anywhere and everywhere. we are bullish for a great 2022. emily: harley finkelstein, president of shopify. thank you for joining us. coming up, the latest from the trial of elizabeth holmes and the jury at the san jose

courthouse has heard shocking revelations. over the last 24 hours in particular. we will talk about her defense strategy next. this is bloomberg. ♪

emily: kriti: -- emily: the trial of theranos continues. elizabeth holmes saying the experience motivated her to developing her startup. she's accused of multiple counts

of conspiracy and fraud and faces up to 20 years in prison. at the trial continues today, i want to bring in david scott lansky for more. is a professor of law at stanford, codirector of the criminal justice center. this case has captured the fixation and fascination of the world. i am curious, what is your reaction to elizabeth holmes' testifying that she was raped at stanford and that motivated her? david: she didn't just testify about being raped at stanford, she also testified that --, who has also been charged in the case, repeatedly abused her in the course of their long-term romantic relationship. that is not the typical defense you see in a fraud case. emily: what is the typical defense you see in a fraud case?

what makes this unusual? david: the typical defense is the rest of what elizabeth holmes has testified to during her time on the stand. she believed in the company, she relied on others, she delegated authority, she wasn't intentionally trying to deceive anyone. that is ultimately what the prosecutors have to prove, not just that she deceived people, but that she intended to lie to people and deceive them. so, her state of mind is critical. it is quite common in fraud cases for defendants to say they were not trying to deceive anyone and they were themselves deceived. what is not common is to hear testimony about the kind of sexual abuse and rape that elizabeth holmes discussed on the stand. emily: her attorneys lined up a psychologist to specializes in

domestic violence trauma as a potential witness. how difficult do you imagine this defense will be to pull off? what does that signal to you about what is coming next? david: it is hard to say how difficult it will be. i am not in the courtroom. the jurors are hearing more evidence than any of us who are learning about it secondhand. it is an unconventional defense and a high level -- in a high-level fraud case. part of the reason for that is that most high-level executives are men. it is unusual to begin with to have a high level executive charged in a fraud case who is a woman. for her to argue that the jury needs to understand the intimate partner abuse she was suffering, it is not something we have

precedent for in fraud cases so it is hard to know how it will play. emily: that is the big question. what other evidence, what else is the jury going to need to hear to make their final call? david: they will want to hear more evidence. they are going to hear more evidence about exactly who was making decisions and what elizabeth holmes new when she made the representations she made to investors and patients. i think the way that they assess this other -- having to deal with intimate partner abuse and violence will depend in part on what the defense argues is the significance, what effect they say this pattern of abuse had on elizabeth holmes. also, what the jury winds up

believing about the effect the abuse had on elizabeth holmes' mental state. emily: how often do you hear the defendant testify in a case like this? we didn't know whether holmes would testify at all, here she is on her fifth day. david: in criminal cases, generally, it is unusual for defendants to testify. i think it is more common in high-level fraud cases. partly because these are not the -- prior criminal convictions. one thing that keeps a lot of defendants off the stand are rules of evidence that say when you testify, your prior criminal record can be introduced against you. elizabeth holmes does not have to worry about a prior criminal record, and that is fairly common for defendants in high-level fraud cases. the other thing that is true is that these cases often defend --

often involve defendants who are articulate and self-confident. they have gotten themselves to where they are in life in part by their ability to talk convincingly to people. they tend to put a lot of faith in their ability to talk to people and often they have good reason to do so. it is not as unusual in these cases to see a defendant testify. to hear a defendant by impersonal terms about the kinds of things that elizabeth holmes has testified about is unusual. emily: last question, does the case -- is it more likely to go into the defendant's fave year if they -- is it more likely to go in the defendants favor if they testify? david: it depends on the circumstances. it depends on what the evidence

suggests, how convincing the defendant is on the stand and how convincing the prosecutors are. emily: lots to digest as elizabeth holmes continues to testify. stanley morrison professor of law, stanford criminal justice center. we appreciate your perspective. electric cars will account for about half of all auto sales in the world's major markets by 2030 according to a new survey of car executives by kpmg. ev's make up less than 10% of global sales now, but execs predict that will increase as battery powered vehicles reached the cost of combustion engine vehicles. we are seeing them in the world of racing. there is a new motor sport that is racing to save the planet.

>> going fast. this is literally a race for the planet. ♪ >> it is a brand-new motor sport. fully electric off-road vehicles traveling to remote parts of the planet but do not normally see motor or any kind of racing of any kind. the areas we are traveling to, we are able to bring a spotlight to climate change. unlike other international -- that travel the globe -- [indiscernible]

i think we are all excited. >> the scientists onboard will get an opportunity to collect native from each location, even from the oceanic journey from one location to the next, and establish a status quo of where we are at to teach the rest of the world. >> a lot of people think electric cars are slow. that is obviously not true. this helps people understand that you can have an electric car, you can go fast. >> that is a great point. it is an exciting new motorsport. it is not trying to reinvent any other motorsport, it has not been done before. ♪ >> motorsport from the beginning i think works and has worked for more than 100 years by pushing the envelope of technology with cars.

whether it was coming up with a nine bearing system back in 1911 that was more reliable or whatever, it has always pushed the envelope on what is reliable and safe. with electric, ev, motorsports can behave the same way. it comes at a pivotal time. we are able to prove in an exciting way that you can take cars and race them, expand their technology, innovate their safety and performance and reliability in a way that is even a positive impact in the end on the environment and sheds light on issues that are out there. certain things individuals can do to affect change on a huge scale. this opens the door for manufacturers to stay involved in motorsport, as they have through the decades. you can see the halls of these racecars, they have all pushed the envelope of technology. now the arra is ev, and pushing that is critical.

we don't demonstrate through series like extreme e that motorsport can be done in a responsible way and positively impact global issues, then you may not be a world where motorsport survives much longer. i think this is a critical time for mortar speller -- motorsport. the future of motorsport depends on us finding compelling ways to raise these cars against each other to prove their safety, reliability and performance to consumers in order to have motorsport survive. >> it is a simple way of alternatively thinking and reusing the spaces we once consumed. emily: matthew long. all right. as on his dealing with major labor pains. we talk about it all next. ♪

emily: amazon facing not one but two labor issues in alabama. the nlrb is granting warehouse workers a second union vote. another labor union is calling on the department of labor to invest at the eight -- investigate the company on its reporting of covid cases. we are in the middle -- just finishing black friday-cyber monday shopping spree. amazon is delaying -- dealing with these issues. what did the nlrb find so objectionable? >> if we remember, this went down during the pandemic. ordinarily these votes would take place on premise, at the worksite with nlrb officials there conducting the election.

because of the pandemic, they did this one via mail. amazon objected to that, did not want a male in election, but the board said we are going to have a mailing election. amazon was concerned about her not they figured the more workers who voted, the better chance they had. they installed a mailbox, appealed to the united states postal service to get a mailbox installed on the facility come out in the parking lot. that really angered the labor relations board. they said amazon has put itself too much in the middle of this process by putting a mailbox out there that was in view of surveillance cameras, encouraging employees to use the mailbox. it was really doing a lot of things that the labor board should be doing in terms of overseeing the election and encouraging people to participate. emily: meantime, you've got a labor group saying amazon's underreporting cases of covid-19.

>> this is a report that just hit today. a labor group calling on osha, the federal workplace regulators, to investigate amazon and how it reported covid-19 instances that were work related. last year, osha required employers to report any work-related covid-19 cases as respiratory problems. what this labor group did was pull all of amazon's disclosures to osha and found that amazon reported only 27 potential work-related covid cases. out of its entire u.s. operation. that's 20,000 employees. emily: ok. lots to digest their, especially as the holiday shopping season continues. spencer soper, thanks for that update. that does it for this edition of

bloomberg technology. tomorrow, tom coffield. arianna huffington. and the ceo of rocket lab. you do not want to miss it. i am emily chang. this is bloomberg. ♪

haidi: a very good morning. i'm haidi stroud-watts in sydney. counting down to the major market open. shery: i'm shery ahn in new york. our top stories this hour. asian stocks set to extend declines after jay powell flagged faster tapering and admits inflation is no longer transitory. the omicron variant also weighing on sentiment