Index funds will prop up the valuations of these companies, while they return nothing but value on paper. The owners on the other hand can use the valuation as collateral to loans, which then generates cash for them. Musk and Altman would be the most visible benefactors of this scheme, yes.

All of the mentioned will dump their overhyped and overvalued trash onto retail investors which are forced to buy it due to it being part of the NASDAQ. It will tank in value afterwards due to public scrutiny revealing thr fiscal unprofitability. Retirement funds will be ripped apart, trust in the financial system will evaporate, people will be left holding the bag on a scale that makes Lehman brothers seem like a trial run.