Canada’s most populous province and its commercial nerve centre, Ontario, has announced a ban on United States’ companies bidding for government contracts and dumped a deal with Elon Musk’s Starlink in a pushback to US tariffs.

“Ontario won’t do business with people hell-bent on destroying our economy,” Ontario Premier Doug Ford announced on X on Monday.

“US-based businesses will now lose out on tens of billions of dollars in new revenues. They only have President Trump to blame.”

Ford said he was “ripping up” a Can$100 million (US$68 million) contract with Starlink, signed in November to provide internet services to 15,000 homes and businesses in remote northern parts of Ontario.

Elon Musk’s Starlink satellites were to start beaming internet services to northern Ontario starting in June after the Trump loyalist vowed to slap 25 per cent tariffs on Canadian imports starting on Tuesday.

Ontario’s liquor stores also started pulling US beer, wine and spirits off shelves on Monday.

Several other Canadian provinces including Quebec, Nova Scotia and British Columbia were doing the same.

The government-run Liquor Control Board of Ontario is one of the world’s largest single buyers of alcohol, supplying its stores as well as local restaurants, bars and other retailers in the province.

It sells almost Can$1 billion worth of US alcohol, or about 3,600 products, each year.

Trump spoke earlier Monday with Canadian Prime Minister Justin Trudeau about the tariffs and said in a post on his Truth Social platform they would speak again later in the day.

Tech billionaire Elon Musk has publicly questioned Nigel Farage’s suitability to lead Reform UK, calling for his replacement just weeks after reports surfaced about Musk’s potential financial support for the party.

In a statement on X (formerly Twitter), Musk bluntly stated that Farage “doesn’t have what it takes” to head the political organisation .

The remark came amid increasing scrutiny of the relationship between Musk and the Reform UK leader.

Farage responded indirectly during an interview with the BBC, where he praised Musk’s commitment to free speech. “Free speech is back,” Farage declared, referring to Musk’s criticism of the UK government’s handling of grooming gangs.

However, the relationship between the two figures appeared complicated. Farage sought to distance himself from Musk’s public support for Tommy Robinson, a far-right activist currently serving a jail term for contempt of court.

Reform UK, which was initially founded as the Brexit Party in 2018, has undergone significant transformations under Farage’s leadership. Returning as the party’s leader, Farage was elected as a Member of Parliament in 2024, marking a political comeback.

Farage also maintained close ties with the United States President-elect Donald Trump, a connection that further intertwined Musk’s role in global politics. Musk, who became an adviser to Trump, appeared to be positioning himself as a power player across political and ideological lines.

This latest controversy raised questions about the future of Reform UK and whether Musk’s involvement will further amplify or undermine Farage’s leadership.

Elon Musk begins 2025 as the world’s richest individual, cementing his status as the first billionaire worth over $400 billion, according to a Forbes report on Wednesday.

The Tesla CEO and SpaceX founder leads a list of global tycoons whose combined net worths total $1.9 trillion as of January 1, 2025.

The combined net worth of the top 10 richest individuals now stands at $1.9 trillion, up from $1.8 trillion just a month ago.

These billionaires, primarily from the tech, retail, and luxury goods sectors, continue to shape global markets and influence industries on a monumental scale.

Notably, Nvidia CEO Jensen Huang has joined the ranks for the first time, reflecting the meteoric rise of the semiconductor industry.

Below is a look at the top 10 richest people in the world as of January 1, 2025, according to Forbes:

1 Elon Musk

Net worth: $421.2 billion
Source: Tesla, SpaceX, X, xAI
Age: 53
Citizenship: U.S.

Musk’s wealth surged by $91 billion in December, largely driven by a new valuation of SpaceX at $350 billion. Musk also gained attention following his appointment as co-head of the U.S. Department of Government Efficiency (DOGE) by President Donald Trump.

2 Jeff Bezos

Net worth: $233.5 billion
Source: Amazon
Age: 60
Citizenship: U.S.

Bezos reclaimed the second spot after Amazon shares rose 5% in December, adding $10 billion to his fortune.

3 Larry Ellison

Net worth: $209.7 billion
Source: Oracle
Age: 80
Citizenship: U.S.

Despite a $17 billion drop in his wealth due to Oracle’s declining stock, Ellison remains among the top three.

4 Mark Zuckerberg

Net worth: $202.5 billion
Source: Meta (Facebook)
Age: 40
Citizenship: U.S.

Zuckerberg’s wealth increased slightly as Meta shares rose by 1.9% last month.

5 Bernard Arnault

Net worth: $168.8 billion
Source: LVMH
Age: 75
Citizenship: France

The luxury goods magnate saw an $8.5 billion boost due to a rise in LVMH’s stock value.

6 Larry Page

Net worth: $157.9 billion
Source: Google (Alphabet)
Age: 51
Citizenship: U.S.

Larry Page, co-founder of Google, maintains a strong presence on the list of the world’s wealthiest individuals

7 Sergey Brin

Net worth: $153.4 billion
Source: Google (Alphabet)
Age: 50
Citizenship: U.S.

Sergey Brin, also a co-founder of Google, continues to accumulate wealth through Alphabet’s dominance in the tech sector.

8 Warren Buffett

Net worth: $139.6 billion
Source: Berkshire Hathaway
Age: 94
Citizenship: U.S.

Buffett’s fortune dropped by $8.9 billion in December, sliding his rank from No. 6 to No. 8, as Berkshire Hathaway’s A shares declined by nearly 6% over the past month.

9 Steve Ballmer

Net worth: $123.5 billion
Source: Microsoft
Age: 68
Citizenship: U.S.

Steve Ballmer, former Microsoft CEO and current owner of the Los Angeles Clippers, saw his fortune drop by $500 million in December, despite still being worth over $100 billion.

10 Jensen Huang

Net worth: $118 billion
Source: Nvidia
Age: 61
Citizenship: U.S.

Huang, CEO of Nvidia, joins the top 10 for the first time following a 171% increase in the company’s stock during 2024.

 

Forbes notes that nine of the top ten are Americans, and all are men.

Musk’s unprecedented fortune is largely tied to his stakes in Tesla, SpaceX, and other ventures.

The billionaire rankings fluctuate with stock market movements, reflecting the volatility and competitiveness among the world’s wealthiest individuals.