Tesla CEO Elon Musk is now the seventh-richest person in the world, surpassing legendary investor Warren Buffett, as Tesla's stock continues to skyrocket.

Musk surpassed Buffett on Friday after Tesla shares hit an all-time high, giving Musk a net worth of about $70.5 billion, roughly $1 billion more than Buffett, according to Bloomberg's calculations.

Tesla shares continued to surge Monday and hit anothernew high. The shares jumped 12% in morning trading and brought the company's market valuation to $325 billion, making it the 10th-largest U.S. stock by market value.

Investors now believe that Tesla could report a fourth straight quarter of GAAP profits when it posts second-quarter results on July 22, meaning it could be considered for inclusion in the S&P 500.

The company's stock is up more than 300% for the year.

-- CNBC's Robert Frankand Pippa Stevens contributed to this report.

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Elon Musk is now worth more than Warren Buffett as Tesla stock continues to break records - CNBC