Elon’s restaurant

AMC soared 95% Wednesday as retail traders continued to flock to the stock, sending its market value past $33 billion. Just a few short months ago, the movie theater chain was facing bankruptcy; now it’s up 2,900% on the year. AMC executives are leaning into the Reddit meme-stock phenomenon, saying they’ll reward small investors with special screenings and (of course) free popcorn. But not everyone on Wall Street is so convinced about this new version of GameStop. Here’s your markets wrap.—Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America.

Here are today’s top stories

Exxon Mobil activist investor Engine No. 1 is expected to win a third seat on the oil giant’s board. Last week, the tiny investor shook the world by winning two seats on the fossil fuel company’s 12-person board. Investor dissatisfaction with Exxon has largely centered on two issues that are becoming more interlinked: its starring role in the climate crisis and its financial performance. This latest win for Engine No. 1 may also spell the end for Exxon CEO Darren Woods.

U.S. President Joe Biden unveiled a plan to work with churches, colleges, businesses and even celebrities to boost coronavirus vaccination as demand falters, with only 41% of the country fully vaccinated. Israeli health officials said they found a probable link between Pfizer’s Covid vaccine and a rare heart inflammation in some young men. Here’s the latest on the pandemic.

The pandemic has crushed commercial real estate, and there’s no sign that’s going to change even as the coronavirus recedes in some countries. But there’s a $10 billion bright spot for the embattled industry.

The White House is pushing to close a tax break that helped Biden’s predecessor amass a fortune. Biden has proposed narrowing a tax code provision that allows real estate investors to avoid capital gains taxes when they sell property and use the gains to buy more property. Donald Trump’s most valuable investment, tied to a $95 million purchase of a west-side Manhattan development site, has benefited from the rule.

A few days after hackers alleged to be inside Russia took the world’s largest meat producer offline, the company said it’s starting to partially reopen most beef operations across North America and Australia. It’s the second big cyberattack on critical U.S. infrastructure linked to Russia in less than a month, and follows a report that hackers allegedly linked to the Chinese government infiltrated New York’s Metropolitan Transit Authority, which runs the largest subway system in the U.S.

The European Commission and Bill Gates joined forces to mobilize up to $1 billion worth of investment in clean technologies like green hydrogen and sustainable fuels. The partnership aims to build large-scale projects that will deliver significant reductions in carbon dioxide emissions.

Shortly after Hong Kong rejected an application for tens of thousands of protesters to commemorate China’s deadly crackdown in Tiananmen Square, Chow Hang Tung couldn’t stand by a booth showcasing the incident without police shooing her off. Democracy activists say Beijing, which has already stripped Hong Kongers of many civil liberties, is using the pandemic to further silence them.

What you’ll need to know tomorrow

A Tesla Diner May Be Coming To A City Near You

Move over, In-N-Out Burger. Elon Musk is one step closer to opening a diner. Tesla filed applications with the U.S. Patent and Trademark Office to use its “T” logo design and two other iterations of its “Tesla” stylized logo in the food business.

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