I had not seen this quote before. Reading what you said; my initial thought was on the emphasis, the
panic IS dumb. So, I clicked in and verified that he actually had said exactly those words and read the next 2-3 responses. I felt that, yeah, he is referring to the panic. It's something I've repeatedly said the last two weeks: Personally, I am not afraid of the virus. I am afraid of people's response. I say this as one of the unfortunate bastards with a condition that puts me in a risk group. I am also no fan of Musk, per-se (well, not more than you would have admiration for any person that are able to accomplish things).
Whether he's capable of making a difference around ventilators in the short term -- let's just say I am as skeptical as the next guy. Likewise, I should probably have read the entirety of the Twitter thread before replying.