Musk did say in a late-2025 interview with Nikhil Kamath that he doesn’t really buy stocks, doesn’t look for things to invest in, and doesn’t have a portfolio; he framed his wealth as the result of building companies and owning stock in those companies.
But that is not quite the same as a hard rule that he would never deploy capital unless he owns or runs the company. In the same discussion, he reportedly entertained the idea that if he had to pick areas or companies, AI/robotics and names like Google/Nvidia would be attractive, while still emphasizing that he is not a conventional stock investor.
For the GME/eBay rumor, your point is important: a passive $10B Musk check into someone else’s deal would be out of character based on his stated style. The more plausible Musk roles, in descending order, would be:
Informal advice / strategic sounding board
Public narrative amplifier through X or private encouragement
Strategic partnership angle involving payments, X, AI, identity, or marketplace data
Capital only if paired with major control, governance rights, or a broader strategic plan
So yes: I’d now discount the odds of Musk simply writing a passive $10B financing check for Cohen. If Musk got financially involved, I’d expect it to come with strings: control rights, a strategic asset angle, board influence, or a path to actually shape the company. That makes “Musk as adviser” more believable than “Musk as silent financier.”
And as of the latest reporting I found, the actual confirmed story remains Cohen escalating the $56B eBay offer after eBay rejected it as not credible/attractive; I did not find confirmed reporting that Musk is financing it.