Where has "invert colors" gone in the new MS Paint?

Solution 1:

Right-click!

Actually, the option still exists, but it's not found on the ribbon. You can only find it when right-clicking an image:

Rightclick

The result:

Everything inverted

If you select everything or nothing, the entire image is inverted. Else, only the selection gets inverted:

Rightclick on selection

The result:

Partial inversion

Solution 2:

You can use the keyboard shortcut Ctrl+Shift+I.