It's a legitimate concern if you're a Tesla investor: how is one person supposed to lead 5 companies at once effectively? It seems strange that corporate boards even allow this. When I sign an employment agreement with a company, that agreement almost always includes a clause preventing me to work for someone else, at least without permission.
A counterpoint is that Musk is able to attach the best talent through his personal brand. His companies have all been outperforming as well, out innovating