No, this doesn't seem right. Musk is clearly burning through the good will he'd built up. There's going to be a limit to how much his aura can shield him, and it seems like he's really pushing to find that limit.
A very small move of the SEC can destroy those investors chances of ever being paid back.
It's the same reason for making the company take on too much debt. When you're big the government won't let you fail. That's the belief anyway.