This move increases his compensation and clout. Post-Tesla, he'll only have VP or founder titles elsewhere, never anything lower-level (unless he gets his old job back). The change must be welcoming, too.
That Apple could not retain him speaks volumes of the company they've become. They're a conglomerate at the intersection of tech and fashion. Groundbreaking engineering is not always given its proper due (or compensation) because there's only so many seats at the table. They've become rigidly corporate and not particularly inspiring.
Good luck to him, and good job taking a chance. Working for someone with a vision other than "thin" must be a welcoming change.