I like how Calacanis acts like the $400 million loan has no default risk. Tesla has blown through hundreds of millions already with no profit. What makes him think that this company will be able to continue to fund operations and research as well as pay back interest and principle on a $400 million loan.

All of his "consumer benefits" can be had in other technologies as well. It's not like Tesla is the be all and end all of all alternative powered vehicles. If GM and Toyota are able to put 40-50 mile range PHEV on the roads next year, Tesla becomes even more irrelevant to the average consumer.