Larry Ellison has become the world’s second-richest person for the first time, overtaking Meta CEO Mark Zuckerberg, as Oracle Corp.’s stock continues its rapid climb on the back of artificial intelligence momentum and a shifting U.S. tech policy landscape.

According to the Bloomberg Billionaires Index, Ellison’s net worth now stands at $251.2 billion, second only to Tesla and SpaceX CEO Elon Musk, whose fortune remains at the top at $357.8 billion. More than 80% of Ellison’s wealth is tied to Oracle stock and options, positioning him as one of the largest beneficiaries of the tech sector’s AI boom.

Oracle’s shares have surged nearly 90% since late April, driven by a string of cloud computing deals, strong quarterly results, and growing demand for enterprise AI services. The company has also secured partnerships to provide infrastructure for major players including OpenAI.

The latest boost came Tuesday, when Oracle shares jumped 5.7% following a decision by the U.S. government to ease restrictions on semiconductor exports to China. The move allows chipmakers like Nvidia and AMD to resume some shipments, easing supply concerns and signaling a potential thaw in U.S.–China tech tensions.

The rally not only lifted Oracle’s market value but also narrowed the wealth gap between Ellison and Musk — while pushing Ellison above Zuckerberg, whose Meta shares have not kept pace in recent months despite the company’s AI efforts.

Meanwhile, Ellison is steering more of his capital into long-term innovation. In a post shared Tuesday, he announced plans to revise his Giving Pledge commitment to focus more resources on the Ellison Institute of Technology, a research center partnered with the University of Oxford. Launched in 2023, the institute supports projects in artificial intelligence, health care, agriculture, and clean energy.