Yes, but Elon himself has put $100M into the company, and most of that early. Musk is also popular of the "space travel is scary and there will be accidents; if we put it in the hands of the shareholders it'll get shut down" argument and that's certainly a part of his negotiating position.

For many founders their company being their "life's work" is closer to a delusion, or being generous, a conceit.

yes, but only when forced to do so, Musk hasn't yet had to do that. It's a one time trick when you have a funding crisis.