This has led to meme stocks becoming the biggest ones, with no correlation between value and profit.

That’s not strictly true. Berkshire Hathaway is an enormous institutional investor and Buffet / Munger are pretty naked in their valuation methodologies. They’re hardly the only Value Investors in the pool, either. That’s one reason why real estate prices have gone vertical. Once the Berkshire team saw real estate as undervalued relative to borrowing costs, they started gobbling it up aggressively.

Investing in Elon Musk’s companies at this point is investing in a possible future where he and his rich friends control the US completely

From what I’ve read, Elon Musk is on the receiving end of some criminally low borrowing costs relative to his extraordinarily high degree of leverage. Investing in Elon is a means of accessing elite DC power brokers, to be sure. But its also predicated on a significant amount of grifting on Elon’s own part. His businesses don’t do a particularly good job of operating as advertised. Instead - like the crypto that he loves - they ride on popular sentiment and speculative enthusiasm.

But the theory of a big payoff end game for Elon investors doesn’t seem to materialize. Elon himself gets richer and richer, sure. But the folks he does business with? Nobody seems to be benefiting from the goods and services his company produce. Even his assets are mostly valuable because you can pass the risk on at an inflated price. Elon’s the only one who actually sees the benefits.