This week is a big one for both Tesla and the company's CEO, Elon Musk. On Monday, the electric vehicle maker became the seventh-largest U.S. company in terms of market capitalization.
Closing off the trading season, Tesla reached its spot after a stock split that saw its shares increase by 12.6%, ending with a valuation of $464.3 billion, per MarketWatch.
In doing so, Musk reached the third place for the richest person on Earth, passing Mark Zuckerberg.
SEE ALSO: ELON MUSK BECAME FOURTH RICHEST PERSON GLOBALLY, UP $57.2 BILLION IN 2020
Tesla jumping up
Tesla's jump to seventh place came on the day of the company's post-split-trading, per Business Insider. This comes after the EV company's statement on August 11th, that said it would be pushing for a five-for-one stock split, after it was pushing for shares over $2,000 a piece.
Many in the industry see Tesla's stock split as a strong move: "We believe the stock split decision was a smart move by Tesla and its board given the parabolic move in shares over the past six months," mentioned Daniel Ives, an analyst at Wedbush, on Monday.
And as if the news about Tesla and those involved with it wasn't quite enough, CEO Musk also hit a milestone on Monday by becoming the world's third-richest person. The last six or so months have seen Musk's wealth triple, per Business Insider's report.
Musk's fortune has reached $115.4 billion after Tesla's split stock on Monday, as per Bloomberg. Just this year, Musk's wealth increased by $87.8 billion.
The only two billionaires ahead of Musk are Microsoft's Bill Gates at number two, and Amazon's Jeff Bezos in the first place as the richest person alive. Elon Musk took Facebook's Mark Zuckerberg's spot, becoming the third on the list.
Tesla rises 5% after 5:1 stock split https://t.co/K2nxnk60kXpic.twitter.com/phTC44dVcz— Bloomberg Markets (@markets) August 31, 2020