Business
Larry Ellison, World’s Second-Richest Man, Loses $14 Billion On Diwali Monday
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Ellison’s wealth has surged $144 billion over the past year, a 75 per cent increase.
Larry Ellison is Oracle’s cofounder, chairman, and CTO. (Photo Credit: X)
Oracle co-founder Larry Ellison saw his net worth drop by $14 billion on Diwali Monday after the company’s shares fell nearly 5 per cent, according to Forbes. The loss amounts to roughly Rs 12.34 lakh crores. Despite the decline, the 81-year-old remains one of the world’s highest-earning billionaires this year.
Ellison’s wealth has surged $144 billion over the past year, a 75 per cent increase, the Bloomberg Billionaires Index reports. He is currently the world’s second-richest person, with an estimated net worth of around $336 billion, as per Forbes.
Who Is Larry Ellison?
Larry Ellison is Oracle’s cofounder, chairman, and CTO, owning about 40 per cent of the company. He stepped down as CEO in 2014 after 37 years.
Born in 1944 in the Bronx, Ellison was adopted and raised in Chicago. He dropped out of college and worked on a database project for the CIA before founding Oracle in 1977. Oracle went public in 1986, a day before Microsoft’s IPO.
Ellison lives on Hawaii’s Lanai, which he mostly bought in 2012 for $300 million. He served on Tesla’s board from 2018 to 2022 and owns nearly 50 per cent of Paramount Skydance, formed after a $28 billion merger with his son David’s company.
In September, Ellison briefly became the richest person globally when Oracle shares soared, temporarily surpassing Tesla CEO Elon Musk. The surge followed Oracle securing major AI cloud contracts with companies including OpenAI and Meta.
Oracle shares have recently slid further, dropping about 6.3 per cent and cutting $24.1 billion from Ellison’s fortune. Musk remains the richest, with a net worth near $486 billion.
Larry Ellison’s Giving Pledge
Oracle reported $57.4 billion in revenue for the year ending May 31. Ellison is known for his lavish lifestyle, yachts, planes, real estate and the Indian Wells tennis event, and is a sailing enthusiast, financing Oracle Team USA’s America’s Cup victories. He signed the Giving Pledge in 2010, promising to donate at least 95 per cent of his wealth.
Ellison also founded the Ellison Institute of Technology with Oxford University to tackle global challenges like healthcare, climate change and AI. He also set up the Ellison Medical Foundation for ageing research. His philanthropy includes $200 million to USC for cancer research and $1 billion to the foundation. The $1.3 billion Oxford EIT campus is set to open by 2027.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
Delhi, India, India
October 22, 2025, 18:00 IST
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Co-op boss quits after ‘toxic culture’ claims reported by BBC
Co-op chair Debbie White said: “We thank Shirine for her leadership and for the significant contribution she has made to our Co-op, to our communities and to the co-operative movement during her tenure. The Board is grateful for her commitment and leadership, particularly during a challenging few years, and we wish her every success in the future.”
Business
Airfares likely to doubled as jet fuel price aurges to Rs417 in Pakistan – SUCH TV
Air travel is all set to become highly expensive as the airlines are indicating at doubling the air ticket prices following a whopping increase in jet fuel rate.
The jet fuel price has rocketed to Rs417 from Rs388 per litre in Pakistan and the airlines have started to increase the airfares through enhancing fuel surcharge rates.
The airlines maintained the basic fare but added the fuel price surge into the fuel surcharge.
The one-way fare from Karachi to Islamabad and Lahore has shot up to Rs40,000 while air travel on chance seats for Islamabad and Lahore has soared by 150 percent.
Accordingly, the Pakistan International Airlines (PIA) has boosted the airfares by 10 to 100 dollars.
Domestic flights will now carry additional $10 fuel surcharge which on Canada routes extra $100 will be received as fuel charge.
Passengers on UK-bound flights to pay 75 dollars additional surcharge while 50 dollars will be received on Middle East routes.
Private airlines have gone a step ahead as they enforced charging additional 15 dollars to 150 dollars on different routes.
The airlines were under pressure after closure of many air routes with the airlines administrations are saying that extraordinary rise in airfares has become inevitable.
Earlier on Wednesday, Pakistan fuel NOTAM forced foreign airlines to tanker Jet A-1 fuel from abroad and limit uplift at Karachi and Lahore airports.
The Pakistan Airports Authority issued the order to protect local supplies amid supply disruptions.
Foreign carriers now arrive with enough fuel for their return flights while Pakistani airlines receive full requirements.
This change hit operations on March 25 when one Karachi-to-Doha flight diverted to Muscat.
The Pakistan fuel NOTAM A0147/26 took effect on March 13 and runs through March 31 2026. It targets Jinnah International Airport in Karachi and Allama Iqbal International Airport in Lahore.
Airlines follow the rule and carry maximum fuel on inbound legs. Officials confirm foreign airlines get only the minimum quantity inside Pakistan.
Pakistan fuel NOTAM creates immediate changes on the ground. Foreign airlines offload passenger baggage and cargo to stay within weight limits.
The extra fuel adds weight that reduces payload capacity on every affected flight.
According to a Notice to Airmen (NOTAM) issued by the PAA, the supply of aviation fuel at domestic airports has been significantly curtailed due to regional supply chain disruptions, advising international carriers to maximize their fuel “uplift” at foreign stations and minimize refuelling within Pakistan.
The directive has already begun to impact international flight schedules.
Business
NS&I set to pay millions to customers over misplaced funds
The government-backed bank has been accused of a series of errors, including not paying bereaved families money that was rightfully theirs.
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