He made investors believe in a non-sensical vision that is not rooted in any sort of financial or commercial reality in the middle of an insane bull market.
You got it slightly wrong: He made investors believe that there will be bigger more stupid investors that will eventually buy out the shares for a higher price than those investors.
(Also, see Uber, Lyft and other ponzy scheme based companies)
Maybe! That’s what happened. Is it his initial plan? Unclear. Results don’t proof intentions or even competence.