To an outsider like me it would look like a position awarded due to being a son of a powerful/rich father with relevant experience awarded the same way in another corporation (how likely is to become a chief executive in young age on own merit?). That would qualify it as a nepotism (father as investor to son); if Elon is a friend, then also cronyism. I have no hope in companies ran in such fashion; they can't survive Darwinian environment, bad decisions would accumulate in time, leading to larger and larger monetary loss, prompting fund withdrawal to cut the losses at some point.

Here's the son if someone else! /s

James Murdoch is good friends of Elon Musk.

So it is technically nepotism.