"most people who are given 1 million dollars will efficiently turn it into 0 dollars"

I disagree. Tests of Basic Income show that when people are given resources, they treat them well. We hear stories about exceptions because they are exceptions.

We also know that rich families tend to stay rich, just as poor ones tend to stay poor. See

https://medium.com/a-universalist-in-an-identitarian-age/why-african-americans-are-more-privileged-than-appalachian-americans-systemic-racism-vs-9fb996fb3d35

Oprah succeeded through hard work, luck, intelligence, charisma, and a great deal of help from others.

I haven't dug into Musk's history, but I see no reason to quibble with your take.