It’s also because he overpaid for it. It’d be in bad but recoverable shape without this behavior and his desire to run it as a Nazi platform. But all of it is connected. He wouldn’t’ve made the hasty decisions to purchase if he didn’t want to run it as a Nazi platform and struggle with impulse control, but also had he found himself in the position of owning it with the massive loss in value from purchase price caused by his waiving of due diligence at the worst possible time he still could’ve hunkered down and treated it like a company he owns and wants to be profitable. From there he could cut costs at reasonable pace, listened to management as to how to minimize headcount, and done market research to maximize value to shareholders. But most notably he could’ve done reasonable cost cutting and made it a Nazi platform. It was gonna hemorrhage money either way. He just decided to be an idiot about it.

So what’s the problem with it? Elon. Not one single facet of him, though his impulse control is likely high up there, but all of him. At every point he’s making the decisions that ordinary people can see are financially unwise against all advice of experts and professionals. Decisions he should know better than to make.