There are different kinds of power, and I'm honestly not sure Trump can get Musk thrown in jail. On what basis would Trump even do that?
Similarly, Musk can potentially launch a campaign to sway the public to move for Trump to be impeached due to his felony convictions.
A battle between the two might be the shakeup the current empire needs.
Trump may be more powerful than Musk by some metrics, on a time-limited basis (unless he manages to change the term limits), but Musk is more powerful in many ways as well. Musk's wealth is greater than that of many entire countries.