Oracle’s Larry Ellison became the richest person in the world Wednesday morning, with shares of the tech giant he co-founded surging more than 40%.

As of 10 a.m. ET, Ellison’s wealth was nearly $400 billion. Tesla CEO Elon Musk, who had occupied the top spot, currently has a fortune of about $385 billion, according to Bloomberg. The news outlet keeps tabs on the world’s wealthiest people with its billionaires index.

Behind Ellison and Musk in the rankings sit Meta founder Mark Zuckerberg, Amazon founder Jeff Bezos and Google co-founders Larry Page and Sergey Brin.

The rapid rise in Ellison’s wealth comes as he and his family push into artificial intelligence, media and politics.

Oracle’s stock move Wednesday was fueled primarily due to the company announcing a $450 billion-plus backlog for cloud services and multibillion-dollar computing contracts with major AI players Nvidia and ChatGPT backer OpenAI.

“Over the next few months, we expect to sign-up several additional multi-billion-dollar customers,” Oracle said. It expects that backlog of business will likely soon “exceed half-a-trillion dollars.”

The Ellison family further expanded its empire when Ellion’s son, David, recently completed an $8 billion takeover of CBS and MTV owner Paramount Global. That transaction was funded in part by $6 billion from the Ellison family fortune, CNBC reported.

Larry Ellison, a major backer of President Donald Trump, also recently visited the White House, announcing a massive datacenter project with Softbank’s chief Masayoshi Son and OpenAI CEO Sam Altman.

That project promised to use Oracle technology in creating the $500 billion network of datacenters.

Ellison, 81, co-founded Oracle more than 40 years ago. The company’s stock market value closed in on $1 trillion during Wednesday’s trading.

Congress did not extend President Donald Trump’s Aug. 11 order that federalized the Washington, D.C., city police force and launched a surge of law enforcement into the city. The takeover will end at midnight, according to Mayor Muriel Bowser’s office, but in practical terms, what citizens see might not change much. D.C. guard members’ orders have been extended through December, and they are under the president’s direct command, unlike in the states where governors command their National Guard contingents.

This measure of control the city may be regaining comes the same day a House committee begins debating 13 bills that, if approved, would wrest away even more of the city’s governing ability.

Trump’s takeover of the capital’s policing and Wednesday’s discussions by the House underscore how interlinked the nation’s capital is with the federal government and how much the city’s capacity to govern is beholden to federal decisions.

In practical terms, what citizens see might not change much.

The whiteboard listing the names of patients at a hospital in central Kathmandu tells the story of a protest gone badly wrong. Beside each name is written their ages; 18, 22, 20, 18, 23. The list goes on.

By Wednesday morning there were still scores of Nepal’s young being treated for gunshot wounds and injuries sustained when police opened fire on protesters in Kathmandu on Monday.

These are the so-called gen Z protesters, a generation of young Nepalis who led a mass protest against government corruption, nepotism and a ban on social media sites, and paid for it with bullet wounds and in some cases their lives. Hundreds were injured and at least 22 are believed to have died.

From his hospital bed, Saurav*, an 18-year-old college student, said he had been excited to join the protest. “When it comes to the nation, there is no need for motivation. The politicians are just selling our country for their own greed. That’s not supposed to happen,” he said.

The violence that broke out before the police opened fire on the huge crowds that had gathered outside the parliament building in Kathmandu on Mondays was, insists Saurav, instigated by groups outside their anti-corruption movement.

As the shooting started, a protester standing in front of Saurav was shot in the chest and died on the spot, he said. Pellets from the shot hit his hand. “I was screaming in pain and my friends carried me to this hospital … It was totally unnecessary. Killing people, I don’t think that’s humanity. That’s just disgusting,” he said.

By Tuesday afternoon the prime minister, KP Sharma Oli, had resigned and thousands of Nepalis had taken to the streets to spontaneously celebrate his downfall and express their anger.

The mood initially was one of jubilation at what many saw as the end of widespread government corruption, and bitter resentment at the killing of the protesters the day before.

For the past 10 years, Nepal has been ruled by the same three elderly leaders – Oli, Sher Bahadur Deuba and Pushpa Kamal Dahal – who have effectively taken up the post of prime minister on a rotating basis. Between them, they have led the country on 12 separate occasions. While yesterday’s protests may have been triggered by the government’s ban on dozens of social media sites last week, it was built on years of frustration and anger at politicians who are widely viewed as corrupt and self-serving.

By 4pm the main roads into the heart of the city were packed with protesters, many on motorbikes, chanting, shouting and waving the Nepali flag, in defiance of a government curfew. Many more lined the streets, filming the moment and taking selfies, sensing that history was being made.

Much of the anger was directed at Oli, with handwritten signs scrawled on walls and T-shirts calling for him to be killed. “He killed our youth. He should be dead,” said one.

The focus of the crowds was Singha Durbar, the complex of government ministries, which was then breached and much of it set on fire. One group drove a police van out of the main gate, carrying dozens of triumphant protesters on its roof. Three young men scaled the ornate entrance gate to wave the national flag. On the ground below, a group belted out the national anthem. A small number of soldiers stood by but did little to intervene. There was no sign of the police.

As thick, acrid smoke belched out across the streets and over the city, some protesters emerged from the burning buildings carrying reams of paper, office chairs and computer monitors.

“This is a revolution. This is the end of the corruption. It’s our turn now,” said Sujan Dahal, a young Nepali celebrating the downfall of the prime minister in Kathmandu on Tuesday. “The government was so corrupt. They used that money to improve their own lives, but there has been no change in the lives of normal people.”

By the end of the day, the scale of destruction had shocked many Nepalis, amid a sense that the movement has been sabotaged by groups seemingly bent on retribution and violence.

“I’m feeling bad. This is not good for us,” said a young man, who did not want to give his name. Along with government ministries and residences, dozens of other properties have been set on fire across the city, including a luxury hotel and a prestigious private school.

Throughout the day, groups of protesters had formed human chains around some sites to protect them, including the entrance to an army camp. “We are protecting the army. We are not against the army. We are against the government. The corruption. They are trying to shut our voices by stopping social media. Today we won. It is our victory. Oli has resigned,” said Sajad Ansari, 20.

By Wednesday morning, the administrative heart of Kathmandu looked like the aftermath of a missile attack. Burnt-out buildings stood smouldering in the light rain. The charred shells of cars and motorbikes lay strewn across the streets. Plumes of dark smoke still rose over the city.

The city is now in a state of almost complete lockdown, with soldiers stationed at major junctions enforcing a strict curfew.

It is unclear what shape a future government might take.

It is a sentiment shared by Saurav even as he recovers from his injuries but, like many, he remains optimistic. “If the power is in the right hands, of course Nepal will develop,” he said. “Our young generation are very capable. We don’t seek for our own greed. We think about the good of the nation.”

* Name has been changed