Preheat the oven to 350 Fahrenheit.
Grease and lightly flour a 12 cup or 10 inch bundt pan and set aside. In a large mixing bowl, beat together the butter, oil and sugar with an electric mixer. Add in the eggs, vanilla and milk and beat until smooth.
Beat in the flour, baking powder and salt. Be sure to spoon and level the flour and don't scoop straight from the bag.
Scoop out 2 1/3 cups of batter and add to a second bowl.
Melt the 4 ounces of chocolate (ounces by weight) in a small dish in 30 second intervals, stirring between each.
Add to the second bowl with the boiling water and cocoa.
Beat until well combined. This batter will be slightly thicker.
Use two spoons or cookie scoops to scoop the batter into the prepared cake pan in any kind of pattern you like. I usually just alternate between the two but avoid swirling because I Iike more defined colors.
Bake for 60-65 minutes or until a toothpick comes out clean.
Remove from the oven and let cool in the pan for about 20 minutes. The top (what will be the bottom) will dome a bit (depending on the exact shape of your pan) so it's helpful to use a sharp knife or cake leveler to level this off. Carefully flip onto a cake stand or wire rack to finish cooling.
Once the cake has cooled, whisk together all ingredients for the glaze and pour on top. If the glaze is too thick, just add more water, too thin add more sugar. Enjoy!