Oracle co-founder Larry Ellison has overtaken Tesla Chief Elon Musk as the world’s richest person after a surge in the company’s stock lifted his net worth to $393 billion, according to the Bloomberg Billionaires Index.
Ellison’s fortune climbed by $101 billion in a single day to $393 billion after Oracle’s quarterly earnings report delivered a bullish outlook for its cloud and artificial intelligence business. Musk’s wealth, meanwhile, slipped to $385 billion amid falling Tesla shares and growing investor concerns over the Trump administration’s rollback of electric vehicle incentives.
Oracle stock jumped 41% on Wednesday, its biggest one-day gain since 1992, after the company reported surging demand for Artificial Intelligence (AI) driven data centre infrastructure.
Chief executive Safra Catz revealed that Oracle signed four multibillion-dollar contracts last quarter and expects more in the months ahead. Analysts say Oracle’s $455 billion backlog highlights its emerging role as a backbone of the AI revolution.
The company has also inked major deals, including a July agreement to supply 4.5 gigawatts of electricity to OpenAI, the maker of ChatGPT, to power its AI operations.
Ellison, who has been building Oracle for nearly five decades, is a close ally of U.S. President Donald Trump. His rise marks the first time Musk has lost the top spot in nearly a year.
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Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as t...
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U.S. Defense Secretary Pete Hegseth has urged Asian allies to increase military spending, warning of growing concern over China’s rapid military exp...
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off...
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
SpaceX has completed a successful test flight of Starship V3, the largest and most powerful rocket in history.
Financial documents released on Wednesday (20 May) ahead of SpaceX going public - in what is expected to be Wall Street’s biggest ever listing - revealed the firm made operating losses of $1.94 billion, despite Elon Musk being tipped to become the world’s first trillionaire.
Elon Musk’s SpaceX will have to improve its reliability before receiving approval for its target 10,000 launches annually within five years, Bryan Bedford, Head of the U.S. civil aviation agency, the Federal Aviation Administration (FAA), has said.
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
The World Health Organization (WHO) says ongoing conflict, funding pressures and international travel restrictions are complicating efforts to contain a fast-growing Ebola outbreak in the Democratic Republic of Congo (DRC).
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Russia and Kazakhstan signed 15 agreements during President Vladimir Putin’s state visit to Astana on Thursday (28 May), including deals on Kazakhstan’s first nuclear power plant and expanded oil cooperation with Russia.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
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