Hasn't revenue dropped by something like 50%? It's reputation is in tatters - it's an example of what not to do. Hasn't Musk lost a ton of money on it?
Elon hasn't realized any losses yet, while on paper the company may be worth less that game isn't over for him.
He hasn't done himself many favors by stirring up controversy with his own statements, but it isn't surprising that revenue for an ad-based business takes a hit when the brand is raked through the coals by a large enough group of people making noise. That could be one step towards it failing, or it could be one of many dips while the company is not rebranding itself and changing their business model.