No one will convince me he isn't doing this on purpose to tank the brand.
He and his buddies were mad that they couldn't compete. So he made the offer in a manic moment, and then was forced to go through with it. Now that he's got it, he's going to destroy it, and use the loss to reduce his taxes from all his government contracts.
And he simultaneously gets to platform fascists and silence people calling out the powerful. Wins all around.
For a normal person, this looks like failing. I totally get that. But rich people can derive massive benefits from stuff that would ruin us, and every single thing Musk is doing benefits him in some way.