Well, the "top" of the elevator could be anywhere. That's why I said it needs to be as low as possible, because it's already physically impossible for Earth. The lower and lighter the station is, the less impossible it is, though it's impossible even with no station and just a cable.
Above geostationary orbit isn't suddenly in solar orbit though. It's still got quite a ways to go. It could be at escape velocity, but that's not necessary.
This is all impossible on Earth anyway though, so if you're making a story where this is taking place it could be any of these outcomes you want. Whatever works best for the story.