Axios

Selling old is the new new. An ecosystem is popping up to cash in on the secondhand obsession.

Why it matters: Secondhand goods have long been a key part of retail's future. What's new is the growing crop of online marketplaces favored by younger, self-reliant customers, as well as platforms that help brands and designers resell.

AMC is the new meme stock posterchild. And no other company has taken advantage of that hype more.

Driving the news: It's increasingly using the Reddit crowd's obsession with its stock to shore up cash. The theater chain was already struggling — the pandemic pushed it to near bankruptcy.

Manufacturing growth isn't slowing down.

Why it matters: Reopening means people are spending more on going out, which means service businesses need more goods to accommodate — even as supply chains remain backed up and labor shortages persist.

U.S. housing prices are soaring, due to a combination of ultra-low interest rates, sky-high lumber prices and a supply-and-demand imbalance brought on by the pandemic. But with the federal foreclosure moratorium just lifted, things could soon change.

Axios Re:Cap speaks with Jeremy Wacksman, COO of real estate tech company Zillow, to better understand what the boom means for consumers and the country, and how long it might last.

Medtronic has stopped selling one of its heart pumps due to "higher frequency of neurological adverse events" and death, the medical device maker and the FDA wrote to doctors and hospitals today.

Why it matters: The product, called a ventricular assist device, helps support patients who suffer from heart failure and require a heart transplant. But the decision to pull the device was almost inevitable after Medtronic issued three recalls this year alone.

Crypto isn't just for high-risk YOLO traders any more.

How it works: Of the 2 million or so investors who have signed up to track their portfolios at Personal Capital, about 17,000 have also taken advantage of a trial program that allows them to manually input their crypto holdings.

The global used-clothes market is worth $40 billion per year, according to Boston Consulting Group, and is growing at more than 15% per year. Like all other retail, it's moving increasingly online.

Driving the news: Etsy announced this week that it was buying U.K.-based Depop, a fashion reseller beloved by #teens, for $1.6 billion.

Do you trust your financial advisor to put you in suitable investments? That trust might be misplaced, according to a stunning study by Greg Davies of Oxford Risk.

The state of play: Davies polled 200 financial advisers, presenting them with six hypothetical clients. The clients were a range of ages, wealth, self-reported risk tolerance, etc.

United Airlines announced Thursday it will purchase 15 supersonic jets from aviation startup Boom Supersonic, and will have the option to purchase 35 more in the future, in an attempt to revitalize supersonic air travel.

Why it matters: Supersonic commercial flights haven't been available since the Concorde, operated by British Airways, completed its last trip between New York and London in 2003, according to the New York Times.

Facebook has promoted Marne Levine, its current vice president of global partnerships, business and corporate development, to the newly created role of chief business officer, Axios has learned.

Why it matters: Levine, who has been at Facebook for more than a decade, is a close confidant to Facebook's chief operating officer Sheryl Sandberg. She replaces outgoing chief revenue officer David Fischer, who was in that position for more than 10 years.

Lux on Thursday announced that it raised $675 million for its seventh early-stage fund and $800 million for its first opportunity fund.

Why it matters: Lux Capital is one of the original "frontier" tech venture firms, investing in startups that leverage colliding scientific advancements to create new categories. And now it's got a lot more money in the bank, so it seemed like a good time to check in.

Social Capital Suvretta, a new biotech SPAC platform led by Chamath Palihapitiya, filed for four IPOs, each with a $200 million target.

Why it matters: Chamath isn't backing down in the face of recent criticism, or even heeding his own warning that the current SPAC market needs more oversight.

The Biden administration is urging businesses to take "immediate steps" to increase their ransomware defenses in the wake of several high-profile cyberattacks, according to a White House memo obtained by Axios.

Why it matters: The U.S. government's former top cybersecurity official Chris Krebs has described ransomware as a "global pandemic" — a crime that is increasingly common, but highly disruptive.

Queen Elizabeth II will meet President Biden and first lady Jill Biden at Windsor Castle on June 13, Buckingham Palace announced on Thursday.

Why it matters: Biden will become the 13th sitting U.S. president that the 95-year-old queen has met with, and the first since the death of her husband, Prince Philip, in April.

A group of eight large companies, including tech and entertainment heavy hitters such as Amazon, Google, Microsoft, Salesforce, Disney and Netflix, are joining environmental groups and the U.N. to devise ways to scale funding for climate solutions, Axios has learned.

Why it matters: The collective will be called the Business Alliance to Scale Climate Solutions (BASCS), and will serve as a knowledge-sharing network that has the potential to accelerate companies' emissions reduction efforts.

The Trump administration secretly seized the phone records of four New York Times reporters, the newspaper wrote Wednesday.

Why it matters: The disclosure comes less than a month after it was revealed that the Department of Justice under former President Trump obtained the communication records of three Washington Post journalists and one CNN reporter.