Its not news that Tesla’s stock is rising — these are three factors that are driving the shares higher

Elon Musk’s personal wealth has increased by nearly $8 billion so far this week, due largely to the soaring stock.

Tesla's stock continues to race full speed ahead. The stock is up more than 14 percent so far this week. Since the beginning of the month, shares have jumped about 32 percent.

The numbers keep going up. In the current quarter, 75 percent higher and counting, and in the past 6 months, 120 percent ... in 2020 so far, it up 350 percent.

It seems nuts, especially when you remember that competition is coming from all sides. Other auto giants like Ford and GM are building and releasing flashy new electric cars, and disruptor hopefuls like Nicola, Fisker, and Canoo (which just announced that it will go public) are all coming for Tesla's customers too. But Tesla investors aren't worried, and many don't think the price action is crazy. In fact, they think it's set to keep running higher.

In the past 12 months, Tesla stock has gained about 760 percent. Let's review three factors that are driving the shares of Tesla higher.

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