Over the past year, Elon Musk has sold $40 billion in $TSLA. Some of that goes to to the taxman, some to his self-directed "charity", but even if he only keeps half that, 50% of $40 billion is better than the 20% ($12.5 billion loan from $62.5 billion in shares).

Tesla -- in theory -- also has limits on how much he can put up for margin but Morgan Stanley cutting him off is more likely than the Tesla BoD cutting him off.