Tesla Inc.’s strong performance during the pandemic has sent its stock soaring, dealing a blow to investors betting against the Silicon Valley auto maker. And Chief Executive Elon Musk is having a blast rubbing their noses in it.

The 17-year-old electric-car company’s market value has risen about 22%—or almost $50 billion—to more than $250 billion in the past week, and now roughly equals the combined values of Toyota Motor Corp., General Motors Co., Ford Motor Co. and Fiat Chrysler Automobiles NV. Tesla shares hit a record…

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