Yes, he will, but not the way he thinks -- hear me out: Tesla used to be the only company producing popular electric cars -- and it made electric cars so popular, others are now building them too. Now, Tesla sales are already declining because other electric cars are variously better, cheaper or both. Eventually, Tesla will become one of many. Similarly, there used to be only one app like Twitter, and it was very popular before Elon took it over. Now that everyone is fleeing it, Threads and Mastodon etc are thriving, so X will eventually just become one of many. Two different pathways to the same result. Actually the same can be said for PayPal.
(Let's see if SpaceX stays an exception, due to high barrier to entry and Gwyn Shotwell.)