Hi Genius,
Elon Musk isn't really a college drop-out. He dropped out of his PhD program. Having "only" a Master's degree, I am technically not a drop-out (although I did change schools and programs at one point), but I still have less degrees than Elon. One of the things he studied is physics, where he got the analogy of his first principles thinking.
I would argue that traditional schooling is still valuable. You should not rely on it as the end all, however it gives you a frame. On that frame, you can then hang other stuff you learn. Most of the stuff I learned came outside my formal education, but I would argue the fact that I went through the traditional schooling process helped me acquire the ability to gather this knowledge.
Anyways, here is my response to one of your previous articles on people not going to college. In fact, most of the college "drop-out" poster boys like Gates, Zuckerberg, or the Google boys did so great, BECAUSE they went to university. Not only were their projects inspired by what they saw and learned there, they also met the people who they would later work with there.
