Many of his investors probably understand that they're holding a bunch of very expensive tulip bulbs but the opportunity to profit off of the greater fool is too great to ignore as long as they don't mistime the peak. With the amount of loose money sloshing around the global economy, he can probably continue riding this wave until some black swan event forces everyone to confront reality.

I think that's a pretty fair take on the situation overall. There is the potential of a merger between Tesla and SpaceX which might help him paper over the short-term issues Tesla is facing around deliveries, largely due to the public backlash around his political medling and DOGE.