Elon Musk's Tesla company moved into the No. 7 spot for most valuable US companies by market cap

• Tesla passed Visa on Monday to become the seventh-largest US company in terms of market capitalization.
• Tesla shares increased 12.6% on Monday following a stock split, ending the trading session with a valuation of $464.3 billion.
• CEO Elon Musk has tripled his personal wealth as Tesla's stock increases, which led to him surpassing Mark Zuckerberg to become the third-richest person in the world.

Tesla just hit a new milestone. The electric-car company passed Visa on Monday en route to becoming the seventh-most-valuable US company in terms of market capitalization.

Tesla shares increased 12.6% on Monday, ending the trading session with a valuation of $464.3 billion, overtaking Visa, which closed at a valuation of $451.1 billion, MarketWatch reported.

This came on Tesla's inaugural day of post-split-trading after the company previously said on August 11 that it was pushing for a five-for-one stock split following the company's rally that "pushed shares above $2,000 a piece."

"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," Wedbush analyst Daniel Ives said in a note on Monday.

Analysts at Jefferies, a financial services company, more than doubled their price target for Tesla to $2,500 on August 26, up from $1,200, according to Markets Insider.

And it wasn't just Tesla that hit a new milestone following the stock split — its CEO, Elon Musk, who has seen his personal wealth triple during the pandemic, passed Facebook CEO Mark Zuckerberg to become the third-richest person in the world.