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term limits give even more policy setting power to elon, a guy who is rich but not elected
That's not really true, Elon's "position" already doesn't have a term limit. Even if he supports it doesn't automatically make it bad for us or good for him, you need to support your argument.
Term limits make more elected officials lame ducks. That weakens their power relative to the civil service and the unelected party bureaucrats.
Term limits don't stop the seat from voting, it just makes the seat more likely to promote change and new ideas and perspectives. It actively helps remove the oldest members of congress. There will always be a senate or congress seat, the term limit is for the person sitting in it.
As someone else mentioned it will make them more corruptable because elected officials will always have to be looking for the next thing for them. Better not piss off industry if you want that cushy corporate job after you're done! Oh next year I'm jobless, better get what I can now! Not that the current system is perfect but it will make lobbyists and oligarchs more powerfull, not less.
That doesn't sound any different from currently?
Lobbyists and Oligarchs already offer post-term positions to congressmen.
In fact they'd just have to pay more than they do now because instead of one guy for 16 years of service its something like 4 guys for 4 years of service each.