On Monday, Elon Musk surged past Fcaebook co-founder Mark Zuckerberg to become the third-richest person in the world after Tesla shares rallied after undergoing a forward stock split.
Musk was worth $111.3 billion compared to $110.5 billion for Mark Zuckerberg, according to the Bloomberg Billionaires Index at 9pm IST.
Tesla shares rallied as it started trading post 5-for- 1 split.
The stock shot up by 7.7% my midday to trade above the pre-slit record high of $2,238.75 and post-split of $447.75, which it had hit on August 27.
The lower price did not change the trajectory of the parabolic uptrend.
Tesla shares have seen a meteoric rise so far this year, with stocks jumping more than 420 percent since the start of the year.
Tesla shares rose to a record of $2,290 last week. The company went public at $17 a share in 2010, and has turned many retail investors into millionaires.
The shares have gained more than 50 percent since the electric-vehicle company unveiled plans for the stock-split on August 11.
The electric vehicles maker is moving toward a likely inclusion in the S and P 500 stock index this fall, according to the media reports.
Apart from Tesla, Apple has also started trading on the New York Stock Exchange post the stock split.
Analysts said, the move would enable wider participation by smaller retail investors in the two stocks.
Also, a bout of profit booking was not ruled pout, given the sharp run up in these stocks and with more shares now in the hands of investors.