TL;DR: What difference does it make?

If he was a CEO (employee) but not a majority owner, then it would make a larger difference especially if the board of directors hired him.

In his position, he could have a AA Communications degree from Heald College with an A+ in Cisco, but it doesn't change anything. The guy's an a-hole but the richest a-hole in the world. Would a degree make him more qualified? Probably not. Perhaps he did it to go with the flow of the industry in The Hateful Eight "Lincoln Letter" way. If he still claims this, then it seems to create a credibility image problem rather than a legal or employment one.