- Musk is not very smart, or at least doesn't always think decisions through or go through proper due diligence(we have evidence for this: see SEC tweets, thai children rescue, excessive management turnover, etc.)

- He (and Tesla management) know he can manipulate the crypto market. So they (first) bought $1.5B in BTC unknowingly to the public, (second) told the market they did (third) sold the BTC unknowingly to the public and (fourth) told the market that it wasn't viable and all the while keeping the profits so they can keep wall street happy/distracted from less than ideal financial performance figures.

Crypto advocates want democratization of currency. Well here ya go - whales can easily manipulate the system.