Aside from all the equity value, he likely has loans against his Tesla shares to provide him liquidity for his other ventures. The lower the price goes the more he will start to care.

There is still an enormous amount of premium built into the price here. Would not be a surprise if there was another 50% drop over the next 6 months if they continue hemorrhaging sales and have any set backs or Delays in their FSD/robotaxi rollout.