There's two issues with that theory: (a) Somebody in another thread mentioned that margin for those loans would trigger at around $120, so assuming that's true TSLA has another 50% to lose before it would happen. (b) Even if that was the case and TSLA lost those 50%, that would mean he'd have to cover the loans with cash. He cannot use xAI shares for that because contrary to TSLA it is not a publicly traded company. There is no open market price that lenders could accept. So, he didn't gain anything by moving money around, he'd still need to get the cash from somewhere.