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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A drone strike hit a power station in northern Sudan early Sunday (1 November), sparking a fire and triggering loud explosions, witnesses said....
The U.S. has approved the sale of 500 Patriot PAC-3 missiles to Ukraine in a deal worth an estimated $2.1 billion, but Kyiv could face years of delays before receiving the weapons it urgently needs to defend against intensifying Russian attacks.
Iranian Supreme Leader Ayatollah Khamenei has ordered Iran's armed forces to respond to any threat immediately and without geographical limits in statements posted to social media platforms on Saturday (31 October).
A hacking group linked to North Korea is widely believed to be behind the theft of $6.3 billion from cryptocurrency giant Binance, a cyberattack that experts describe as the largest cryptocurrency heist on record.
Gen Z protests swept 34 German cities on Saturday (31 October) over education and living costs. Violence erupted in Frankfurt, where shops were looted and police reported Molotov cocktail attacks.
A tenth-grade student was critically injured after a man attacked her with a chainsaw inside a classroom in Andhra Pradesh’s Anantapur district. The girl suffered severe injuries to her head, neck and back, while a classmate who tried to protect her was also hurt.
Cryptocurrencies are volatile, and their crashes make headlines. But does a slump in digital coins ever spill over into the pounds, dollars and euros in people's bank accounts? The short answer is not directly, but indirectly it can, and regulators are increasingly worried about how.
Russian President Vladimir Putin has praised record trade with Egypt as Moscow seeks to use its economic ties with Cairo to expand its influence across Africa, with a focus on manufacturing, infrastructure and energy.
Kazakhstan could begin building its first nuclear power plant in 2027, President Kassym-Jomart Tokayev said on 28 October, according to Azertac. But as Central Asia steps up its energy ambitions, which countries are investing in nuclear power and which are pursuing alternatives?
Apple's latest iPhone 18 Pro series has outperformed its predecessor in early global sales, even as rising manufacturing costs and weaker demand in some markets put pressure on the smartphone industry, according to Counterpoint Research data released on Tuesday (27 October).
Uzbekistan is moving into a new phase in the development of Islamic finance, with the country’s first Islamic banking licence issued shortly before a regional forum in Samarkand brought together industry players to discuss how the sector can expand across Central Asia.
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