Business
Larry Ellison, World’s Second-Richest Man, Loses $14 Billion On Diwali Monday

Last Updated:
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
Read More
Business
Bank Holiday Bhai Dooj: Are Branches Closed Or Open In Your City Today? Check State-Wise List

New Delhi: As per RBI holiday list, bank branches will be closed for certain days on account of Diwali and related festivities like kali puja, kati bihu, Bhai dooj, across the nation. Bank branches in several cities will be closed on account of Bhai Dooj today, 23 October 2025.
When will bank branches be closed over the next few days?
Bank branches will be closed on various accounts in different parts of the country on various days between 21 and 23 October for Diwali festivities. Here’s the detailed list.
Banks will be closed in Gujarat, Sikkim, Manipur, Uttar Pradesh, West Bengal and Himachal Pradesh on account of Bhai Bij/Bhaidooj/Chitragupt Jayanti/Laxmi Puja (Deepawali)/Bhratridwitiya/Ningol Chakkouba on October 23.
Banks were closed for Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja/Balipadyami, Laxmi Puja (Deepawali) on October 22 in Gujarat, Maharashtra, Karnataka, Uttarakhand, Sikkim, Rajasthan, Uttar Pradesh, Bihar. Banks were closed in Assam for Kati Bihu on october 18. In several cities –Maharashtra, Madhya Pradesh, Odisha, Sikkim, Manipur, Jammu & Kashmir–banks were also closed for Diwali Amavasya (Laxmi Pujan)/Deepawali/Govardhan Pooja on October 21
In the remaining days of October, banks will be closed for the following festivities
Chath Puja (Evening Puja): October 27
Chath Puja (Morning Puja): October 28
Sardar Vallabhbhai Patel’s Birthday: October 31
Apart from the above bank holidays, the second and fourth Saturdays, Sundays of the month are falling on the following dates:
Sunday: October19
Fourth Saturday: October 25
Sunday: October 26
Holidays of the mentioned days will be observed in various regions according to the state declared holidays, however for the gazetted holidays, banks will be closed all over the country.
If you keep a track of these holidays, you would be able to plan bank transaction activities in a better way. For long weekends, you can even plan your holidays well.
Business
Key economic indicators will see major revamp in early 2026 – The Times of India

NEW DELHI: India’s economic dashboard is getting a long-overdue makeover in early 2026. From GDP and retail inflation to industrial output, several major measures of economic activity will be updated to reflect how people live, earn and spend today. A new index to track the booming services sector — from logistics to digital platforms — will also make its debut, offering a sharper picture of what drives the country’s growth.First off the block will be the GDP data, with 2022-23 prices, which will be unveiled on Feb 27 when advance estimates are released. This means that the budget-making exercise, which depends on the first advance estimates released Jan 7, will use the existing series. In Feb, the ministry of statistics and programme implementation will put out the updated retail inflation data, with 2023-24 base, measuring price rise for Jan.

And, in April, the new index of industrial production with a 2022-23 base will be released. This will be followed by the services sector index, estimating the largest component in India’s economy for the first time. The index has been in the making for close to two decades and seen to be crucial, especially as the role of new sectors, such as the digital economy and logistics, increases in everyday life.The new data line-up is seen to be the biggest upgrade in recent years with the base year set to be changed after over a decade. Currently, official estimates are based on 2011-12 prices and the consumption basket has also seen a massive change in these years, with the share of food coming down and products such as smartphones becoming mass-used items, replacing feature phones.Besides, it seeks to tackle crucial gaps in the current data, where products such as food offered through the public distribution system, do not carry any expenditure share since there is no out of pocket spend by households. The ministry is currently undertaking a revision of the consumer price index (CPI) with the objective of updating item weights, revising the consumption basket and incorporating methodological improvements to strengthen the index.
Business
Southwest beats earnings estimates, forecasts record revenue for current quarter

A Southwest Airlines jet approaches Midway Airport on Dec. 15, 2023, in Chicago. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images)
John J. Kim | Chicago Tribune | Getty Images
Southwest Airlines on Wednesday posted a surprise profit for the third quarter and said it expects to generate record sales in the last three months of the year thanks to better travel demand and higher fares.
The carrier said it expects unit revenue to rise between 1% and 3% for the fourth quarter, with capacity up 6% over the same period last year.
“This guidance range assumes demand strength remains at current levels through the end of the quarter,” Southwest said.
Here’s how Southwest performed in the period ended September 30 compared with Wall Street expectations, according to consensus estimates from LSEG:
- Earnings per share: 11 cents adjusted vs. loss of 3 cents expected
- Revenue: $6.95 billion vs. $6.92 billion expected
In July, Southwest joined other airlines in cutting its 2025 profit forecast. The Dallas carrier said it expected full-year earnings before taxes of $600 million to $800 million, down from an earlier forecast of $1.7 billion. It reaffirmed that earnings outlook on Wednesday.
The carrier has been working to better compete with rivals and increase sales, abandoning longtime policies like open seating and two free checked bags for each traveler.
Southwest CFO Tom Doxey told CNBC in an interview that increased sales from selling seat assignments would show up in the first quarter, when the first flights without open seating begin.
Southwest’s third-quarter profit fell more than 19% year over year to $54 million from $67 million. On a per-share basis, Southwest’s earnings fell to 10 cents from 11 cents a year earlier.
Adjusting for one-time items, Southwest reported $58 million in earnings for the third-quarter, or 11 cents a share.
Revenue rose 1% to $6.95 billion from the year-earlier period.
-
Tech6 days ago
Why the F5 Hack Created an ‘Imminent Threat’ for Thousands of Networks
-
Tech1 week ago
What Is Google One, and Should You Subscribe?
-
Tech4 days ago
How to Protect Yourself Against Getting Locked Out of Your Cloud Accounts
-
Fashion1 week ago
Self-Portrait unveils high-profile Apple Martin campaign
-
Fashion1 week ago
Italy to apply extra levy on Chinese goods to safeguard its own fashion industry
-
Business1 week ago
Baroness Mone-linked PPE firm misses deadline to pay £122m
-
Sports1 week ago
Brewers player ripped for avoiding hit-by-pitch that would have tied game: ‘All he had to do was stand there’
-
Tech1 week ago
You Can Get 4 Apple Airtags for $65 Right Now