The first reason is true. He isn't that bright. He went to private schools where he developed contacts, so he knew the right people to ask money. He got lucky. He bought Tesla with the tech already developed. etc.

He knows nothing about the internet. He also said years ago that he was diagnosed bipolar. Yes, he is. He gets into states of hubris, and in one such state he bought Twitter in a fit of pique.

Then he realized that he didn't have the money, and that Tesla was going to lose sales as soon as all the other electric vehicles were released in the marketplace. They are substantially cheaper.

So he wanted to pull out and looked for excuses. He couldn't. He is in over his head financially. He urgently needs to recoup the money.

I don'tthink I've had such entertainment for a long time.