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Last updated Friday, October 21, 2022 12:05 ET , Source: NewsService

French billionaire Bernard Arnault sold his private jet, citing environmental Twitter-shaming as the reason why. He’s still flying, he says — just on rented jets.

P.S. We have big news coming on Monday — keep an eye on your inbox so you don’t miss out.

In today’s email:

Economy: Liz Truss resigns.
Chart: Breadflation.
Weekend Reads to pair with a Sunday phosphate soda.
Around the Web: Reviving the WikiReader, focus music, a tank simulator, and more cool internet finds.

On the go? Listen to today’s 10-minute podcast to hear Jacob and Juliet discuss Liz Truss’ resignation, Pinterest’s commerce play, Snap’s stock slump, and more.

The big idea

Truss’ resignation is all about the economy

Since 1827, the shortest tenure of a UK prime minister had been that of George Canning, who worked for 118 days until dying in office.

Now, after just six weeks at work, PM Liz Truss will wear that crown.

Yesterday, Truss announced plans to resign in a bid to address economic turmoil brought on during her short tenure.

What happened?

Truss’ government tried enacting the UK’s largest tax cuts since the 1970s, mostly aimed at wealthy Britons and corporations.

With inflation sitting north of 10%, policies meant to stimulate further spending immediately sounded investors’ alarm bells.

In anticipation that the central bank would have to raise interest rates to curtail inflation, foreign investors began fleeing — driving the pound...

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