The Tesla hype cycle is either nearing its end or peaked and I'm sure he knows this. The valuation for this company is ridiculous by any standard. So he's on to his next thing. By joining ranks with MAGA and he's purchased himself a driver seat for the most powerful country and strongest economy.
Obviously he still cares about Tesla, but it's not his primary focus anymore. He's moved on to his next big thing which I'm sure he expects to be many times more lucrative than Tesla was.