Assuming either of them was actually given the mandate to do so by the board of directors, etc, I imagine they'd fire like 50-80% of the staff, get rid of anything that's not profitable, and produce one highly refined product at a time, something that hasn't been done well before.
Source: Am both a Jobs and Musk fanboy and have done an unhealthy amount of reading about their histories and decision-making. I particular like this video of Jobs at NeXT: https://www.youtube.com/watch?v=HNfRgSlhIW0