Lettuce wins. 🥬 Not since the Titanic killed 1,500 people in 1912 has humanity been so comprehensively defeated by an iceberg. Yes, British PM Elizabeth Truss has failed to outlast a perishable, green vegetable. No replacement has been named yet but former PM Boris Johnson, who also looks as if he hates salad, is in the mix. 

The lowdown

• 😑 Truss resigns as British PM after just six chaotic weeks.

• 🐥 Twitter likely to make significant cuts to staff, no matter who owns the company. 

• 💸 JPMorgan launches fundraising platform for startups in a further push into private markets.

Featured stories

Snap’s disappearing growth story

Snap’s share price fell sharply as the company announced slower revenue growth and widening losses. Revenue rose 6 per cent year on year to $1.13bn while net losses increased 400 per cent to $360m. 

Snap CEO Evan Spiegel blamed advertisers cutting marketing budgets as well as privacy changes introduced by Apple, which affect its ability to track users.

Companies that want to access capital markets are now under pressure to outline a path to profitability. Last month, in a leaked internal memo from Spiegel, the company outlined a turnaround plan including encouraging older people onto the platform. Combining older people’s challenge with using new technologies with an app that has traditionally been used to send lewd photos —I won’t be adding my grandparents anytime soon.

The content we're consuming today

• The New York Times: Are We Past Peak Newsletter? ($) – The answer is no, and you should share Balance Sheet with your friends.

Off-balance sheet items

• Taylor Swift’s new album dropped at midnight. Once you’ve finished listening, delve deeper into the incredible business story behind the TSwift empire in this podcast by Acquired.

The bottom line