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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The U.S. Department of Justice on Friday made public more than three million pages of documents on Jeffrey Epstein, the late financier and convicted sex offender, including investigative records referencing U.S. President Donald Trump, tech mogul Elon Musk and Britain’s former Duke of York.
Tech mogul Elon Musk's social media platform X is under scrutiny by the European Union over its AI tool Grok. Concerned officials state the technology may have been used to generate sexualised images of real people in the European Union.
Tens of thousands of users were left unable to access Elon Musk’s social media platform X on Friday, with outages reported across multiple countries including the United States, the United Kingdom, Canada and Australia.
The UK’s media regulator Ofcom has launched a formal investigation into the social media platform X, owned by US billionaire Elon Musk, over concerns that its artificial intelligence tool Grok has been used to generate sexualised images of women and children.
Catherine O’Hara, the celebrated Canadian actress and comedy legend, has died at the age of 71, her publicist confirmed on Friday. She passed away at her home in Los Angeles following a brief illness.
The Kremlin said on Friday (30 January) that Russian President had received a personal request from his U.S. counterpart, Donald Trump. The request was to halt strikes on Kyiv until 1 February to create a favourable environment for peace negotiations.
Bangladesh and Pakistan on Thursday (29 January) resumed direct flight services after 14 years, marking a milestone in the revival of relations between the two Muslim-majority nations.
Iran’s armed forces are prepared to “immediately and powerfully” respond to any U.S. attack, Foreign Minister Seyed Abbas Araghchi said, as American military assets arrived in the Middle East amid renewed tensions over Tehran’s nuclear program.
“The decision is made that the Qamishli air base is not needed anymore,” political analyst Dmitry Bridzhe said, as Russia begins withdrawing forces from its facility in northeastern Syria amid shifts in the country’s political and security landscape.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
Argentina's economic activity shrunk 0.3% in November compared with the same month last year, marking the first monthly contraction of 2025, data from Argentina's national statistics agency showed on Wednesday.
Wall Street closed sharply lower on Tuesday as global markets fell after U.S. President Donald Trump’s new tariff threats against Europe unsettled investors and revived fears of renewed volatility.
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