There's a lot to dislike about Elon Musk (mostly related to his lack of filter) but he has founded multiple successful companies worth hundreds of billions of dollars each. It's possible he'll somehow make twitter worse than it is and starts hemorrhaging users, but if I had to choose I'd bet on Twitter ending up in a better place than it is now.
Mr Musk is unambiguously both brilliant and a complete ass, and I think people who underestimate him or lionise him are both wrong.
That said, I think he is buying Twitter for the lulz / weird libertarian reasons, rather than making a real business out of it, and I have serious concerns it will injure what is currently a public utility absolutely beyond repair.
He's buying it for the same reason all other billionaires buy media outlets, to be able to push their narrative onto the public consciousness. Social media isn't what users post, it's which user posts the algorithm decides to show. For someone with a conglomerate with many interests and huge ambition, owning popular media can be very profitable even if the media outlet itself isn't.