I don't think that this should be a surprise for anyone. Not even Musk himself - I'm led to believe that he knew what he was doing, and the consequences, it's just that he simply doesn't care.
Yep. It was a vanity acquisition, and a vanity name change. Consequences mean nothing, to him, it is simply the new shiny toy of the week, that he will slowly destroy for his own amusement, until the next new shiny toy comes along.