It's definitely onto something: continuing to spread the lies, bullshit, and propaganda intended to benefit the world's wealthiest human and the associated regime kleptocracy.
Since he's unable to "buy" wikipedia and slowly poison it in the same way he poisoned Twitter, we get to see Musk build a new propaganda machine fresh, using a far less subtle hand.
Will it work to further erode our shared reality and entrench the oligarchy? Well, people inexplicably still use X despite obviously understanding it's overwhelmed with propaganda, so there's a real risk that this will work too.