People follow him because he is the biggest man in cryptocurrency What he says happens. Is one of the people and when he speaks it is clear and easy.
He is a successful man in cryptocurrency The coin he talks about gets his price up. a few days ago he tweeted about dogecoin and check his price where are you. I think that's why people follow Elon Musk.
He cannot do this forever, as long as he is shilling coins like DOGE coin, he will end up like McAfee, people lose their trust in McAfee because he is doing paid shilling, in the case of Elon Musk, he has a good reputation because he is a big name in the industry, but traders have a mind of their own, they will analyze what he is shilling and if many traders are losing they will not trust what he is shilling anymore, he will like a boy who cries like a wolf.