I suspect sometime ago it switched from belief in him to most market players believing that “enough people will believe this guy’s shit that the line will go up so best jump in early”, essentially a self-made prophecy as long as enough people believe that others believe.

In that sense this result of his presentation pushing the line down A LOT means that even the idea that no matter how much he’s lying he will move the market up is finished and his bullshit being a Midas Touch has now reached the natural endlife of becoming a Shit Touch.

That being so, has much more massive implications for Elon’s business success and wealth as well as that of companies links to him, than merely the market losses in this one instance, since he is very much a One Trick Pony whose “bullshitter of tech fanboys” trick has stopped working and nobody is going to be betting on Elon pushing the line up anymore, the core of his success in getting wildass ideas funded and his companies in non-Tech industries getting Tech-style market valuations.

The next couple of years for Elon are going to be really “interesting”.