Budget airline Spirit announced its shutdown on May 2, 2026

Learn how budget airlines provide customer savings

No-frills airlines, like Frontier and Spirit, are popular for providing customers with a much cheaper alternative to flying. However, many budget airlines rely on baggage charges and extra fees, which can sometimes make it just as expensive as flying on a mainstream airline.

Southwest Airlines was profitable for nearly 5 decades

Business History hosts Jacob Goldstein and Robert Smith explore how a carrier with just four airplanes shuttling across Texas revolutionized flying by offering free whiskey, cheap late-night tickets, and free-for-all seating allocation, despite how hard it is to make money running an airline. However, the success story didn't last forever.

Jet fuel is expensive—which is one reason why it's tough to make an airline profitable

Jet fuel is typically a commercial airline's second-largest expense, second only to labor. Oil prices can be volatile—there have been recent significant increases in jet fuel prices given the 2026 Iran conflict, for instance.

See a visual of the largest airlines in the US by market share

As of November 2024, Delta Airlines controlled roughly 17.8% of US airline market share, while American Airlines controlled about 17.5%, and Southwest controlled about 17.3%. Spirit Airlines, which would go on to shutter operations in 2026, controlled less than 5% of US airline industry market share at the time.

The main bank serving Silicon Valley startups and venture capitalists collapsed in 2023

Silicon Valley Bank—the 16th largest bank in the US—served many tech startups in the area as well as many venture capitalists. The bank collapsed in 2023—in a single day, bankers took out $42B.

Hooters filed for bankruptcy in March 2025 after being operated by two very distinct operations

For years before that filing, the restaurant group had been operated by two different companies: one owned by private equity, and the other that includes the original founders.

Every year, nearly 500,000 bankruptcies are filed in the US

From personal hardships to major corporate collapses like Enron and Bed Bath & Beyond, filing for bankruptcy isn't a quick fix or a “get-out-of-jail-free” card—it’s a complex, structured process offering debt relief or repayment options.

Elon Musk founded SpaceX after being unable to purchase affordable rockets abroad

The company simplified manufacturing and revolutionized space travel by focusing on in-house production and reusability. Their Falcon 9 rocket's ability to land vertically and be partially reused led to 91 successful launches in 2023.

Airbnb’s S-1 in 2020 revealed how it weathered the pandemic and its financials

An S-1 or prospectus is a registration form filed with the US Securities and Exchange Commission when a company wants to go public. They can be pretty juicy documents, as S-1s can reveal previously private details about companies to the public, often for the first time.

Airplane travels 14 hours with a hole in its side

Passengers traveling on an Emirates flight to Brisbane, Australia were stunned when they noticed a huge hole in the side of the aircraft while they were disembarking.

The story of Apple Pay Later, a short-lived BNPL service

Apple rolled out its own buy now, pay later service in 2023, but Apple shut it down the following year. Instead, Apple made changes to let its Apple Pay users make purchases and access installment loans through BNPL company Affirm.

A report found that the 2026 Iran war is the largest oil supply disruption in history

Oil flow through the Strait of Hormuz—responsible for roughly 20% of the world's oil supply—plummeted from 20 million barrels a day to "a trickle" during the initial weeks of the conflict between Iran, Israel, and the United States.

Voyager spacecraft defied expectations and only powered down after 47 years in space

Originally built for a four-year mission, Voyagers 1 and 2 used a rare planetary alignment and gravity assists to reach interstellar space. With limited power and aging systems, they will continue to send data until the mid-2030s. (Some readers may experience a paywall.)

Several countries backed out of Eurovision 2026 to protest Israel's inclusion

The public broadcasting organizations of Iceland, Ireland, Spain, Slovenia, and the Netherlands said they will not compete in the 2026 Eurovision in Austria to protest Israel's inclusion, citing the humanitarian crisis from the Israel-Hamas war.

Meet the ‘SPY kids’ tied to Wall Street’s first ETF

When SPY became the first ETF to launch in 1993, regulators wanted its issuers to set a termination date. After initially saying the fund would cease to exist in 25 years, its issuers came up with a different strategy. They named 11 children born between 1990 and 1993 and declared that the fund would cease to exist in 2118, or 20 years after the last of the 11 “SPY kids” died. The kicker? According to Bloomberg, none of the children knew they were connected to the fate of this giant fund.

Many shows close without earning a profit

Broadway is a tough market, and a show closing early is relatively common, especially in the winter: Between December 2024 and February 2025, 17 shows closed. It's more than just low ticket sales: Broadway shows face a number of hurdles to success, including stop clauses and bad reviews.

Government shutdowns, 101

Roughly a quarter of the US federal government's spending must be approved annually through a set of 12 appropriations bills in Congress. When they aren't, a government shutdown ensues, where federal agencies are legally barred from spending any further money on nonessentials. This explainer covers the basics of government shutdowns and their impact on the broader culture.

Once a year, Bali goes completely silent

Every March, the Indonesian island of Bali halts all commerce, travel, and recreation for a day of silence called Nyepi. This cultural ritual purges the island of evil spirits like ego and greed.

‘A Spirit of Dialogue’ is the theme of Davos 2026

Each year, Davos introduces a new overarching theme to guide the discussions at the event. The 2026 World Economic Forum theme is intended to spark conversation around global challenges including cooperation in a contested world, investing in people, deploying innovation responsibly at scale, building prosperity within planetary boundaries, and more.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

The last remaining US-Russia nuclear arms treaty expired in February 2026

The New START treaty, which capped US and Russian strategic warheads at 1,550 each, expired on Feb. 5, 2026. Without formal limits, fears of a renewed arms race are rising, as both nations could deploy more weapons while follow-on talks continue.

The Shah fled Iran in January 1979, ending nearly 38 years of Pahlavi rule

On Jan. 16, 1979, Mohammad Reza Shah left Iran with his wife, officially for a "vacation"—one he would never return from. His departure marked the effective collapse of the monarchy, as millions celebrated in the streets and power swiftly shifted to Khomeini's revolutionary movement.

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

Why there's a snack recession

Inflation and economic uncertainty have driven many Americans to make cuts to their snack budgets, according to reports from major food manufacturers like General Mills, JM Smucker, and Campbell's. Major retailers have also observed lower-income consumers cutting back on nonessentials due to the macroeconomic environment.

As of 2024, 13 states have plans to phase out gas-powered cars

In 2022, California adopted the Advanced Clean Cars II Act, which requires all new passenger cars, trucks, and SUVs sold to produce zero emissions by 2035. Other states adopted similar laws, joining more than 50 countries with phaseout plans.

Judith Resnik was the second American woman to fly in space

A PhD in electrical engineering, Judith "Judy" Resnik flew aboard Space Shuttle Discovery in 1984, becoming the second American woman in space, and later served as a mission specialist on Challenger's STS-51L mission.

The Soviet Union collapsed in 1991, due to economic decline and political unrest

By the late 1980s, the Soviet economy was stagnating and its political system was under tremendous strain. Soviet reforms failed to reverse the decline, and growing independence movements led to the USSR’s formal dissolution in 1991.

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

11 people died from firework injuries in the US in 2024.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

This real-time tracking of the hantavirus cruise ship outbreak in May 2026 offers a unique glimpse into the global reach of the outbreak and whether the virus sickened passengers and their communities around the world.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

How fusion—which releases energy when two lighter atoms combine to form a heavier atom—differs from fission

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

An investigation suggests a Scottish island became awash in forever chemicals via seafoam and seaspray—raising questions about what that means for the safety of other coastal areas.

After 25 people used virtual reality headsets to practice flying with virtual wings—flapping their arms—their visual cortex responded to the wings almost as if they were real arms, treating them as body parts.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

In 1945, Surrealist artist Salvador Dalí and legendary animator Walt Disney began collaborating on a short film that was not completed until 2003, years after both men had died.

Apeirophobia is an overwhelming fear of living forever, perhaps stemming from the brain's inability to conceptualize an infinite life.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

Comedy legend Catherine O'Hara, star of 'Schitt's Creek' and 'Home Alone,' quit 'Saturday Night Live' after just one week to return to her old job.

Hurricanes, which rely on air consistently spinning in the same direction, cannot cross the equator because air curves in opposite directions north and south of it.

Power lines are dotted with large, brightly colored balls to improve the visibility of these thin wires to helicopters and small planes and help prevent potential crashes.

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight