It’s vibes.

Specifically Tinkerbell vibes. If enough people believe stock price will go up, then it goes up.

Musk keeps making money, and enough people just care about that.

The dream of getting in major index funds, is every two weeks the fund buys more of your stock no matter what. That steady growth and his wild swings of market manipulation would be insane.

And lots of people will roll the dice if they can get some scraps. Along with some idiots who dump their life savings into it directly