Elon Musk Had a Deal from the SEC. It Unraveled in a Morning

This is bad, but I also understand why Musk turned it down. Adding board members and replacing CEO would mean that Musk lets someone else to control his destiny. It's hard decision. He was once pushed out from PayPal and he has structured all his business so that it won't happen again.

Musk is very bold with leverage and financial engineering. Just as bold as he is with rockets and technology. CEO working only for Tesla is not working for the whole interconnected Musk business. SolarCity type maneuvers are out.

At the beginning of 2018 Musk had loans against 40% his Tesla stock and TSLA is down 17%. He has probably leveraged his SpaceX stocks too. SpaceX the company is funding Boring Company just like it provided loans to Tesla once.

If Musk receives margin calls for his loans against Tesla stock, it can start a snowball effect where Musk loses the control of other companies as well.