This clown made billions... Mostly by selling hype to naive people, manipulating stock markets, getting access to taxpayers' money... but he made billions.
He actually inherited most of his wealth made in south africa using democratic and human means I'm sure, and the rest is a lesson to be learnt about electing officials who read the paper before signing grants, but you are right, he also cons people (HeY gUys WaNt To bUy DoGe CoIns). None of his businesses are returning profits.
Edit : As for his wealth, from what I grasped, it's mostly paper wealth. The stocks of his companies do not return dividends and I'm not even sure they grant meaningful voting rights, meaning they only have a speculative value. So yeah. Extremely volatile and only valuable as long as you find someone willing to buy for higher, expecting to sell it for higher. The day bidders stop coming at the door, the value is wiped clean. You're better off investing in tulips.
I have no idea if that's true at all, but I'm grateful my dad isn't into crypto or Musk's cons.
Imho you're overestimating the man. He's just crossing fingers that Twitter let him off the hook at this point in time. He thought it was a funny joke, and got pushed into doing something dumb and now he's waking up and is praying for things to fix themselves. He's the James Cameron of the tech industry.