Is he a fraud?
Well, he was born into a rich family and used his wealth and privilege to focus on attempting to build up a couple businesses. He seems to have been a good CEO at paypal, oversaw the merger, and seems to have help guide that company to success reasonably well. He also seems to have been a good initial CEO at spaceX, which was also a good investment on his part.
So at best or at the very least, depending on how you look at it, he has at least some sense when it comes to making investments in coming up companies as well as overseeing some of that as CEO. His investment into Tesla was also not bad.
Then there are of course the negative aspects of his personality and leadership style, of which there are just way too many to mention. If he was not born into wealth and privilege, he would have probably ended up being some random office drone, like the rest of us. Having lots of money to play around with when you're young, to invest into whatever, is not something most of us can do. We have to focus on building up our careers and thinking about the future, while he did not have to worry about the necessities and could focus on throwing money at things until something stuck.
In the last 10 years or so some very negative aspects of his personality have come out, which don't really paint him as a fraud, but they do paint him as a self-centered easily offended narcissist with a huge ego who often reacts like a child (as opposed to a grown up adult with some life experience behind him).
His disdain for the working class has been known for years; the way he treats his employees and constantly fights against workers rights further stains his reputation and character, and it's clear that this is not the sort of person who should have as much power as he does.
When his far fetched ideas to rescue those minors stuck in a cave were not taken up by those attempting the rescue, he lashed out in an inexcusable way and he accused one of the rescuers of pedophilia. This is not how a well adjusted human being acts.
He seems to relatively frequently claim that he had a hand in things he did not, and this is the part that is fraudy to me. He did not start many of the companies he owns a part of, and yet he claims that he does. This is strange, narcissistic behaviour that shouldn't be happening.
So yeah, I mean, he's a very flawed human being, in some ways he's a fraud, in some ways he got lucky because he was born into wealth, but at paypal at least he did seem to be a good CEO.