

Aljazeera | How Elon Musk funded his $44bn Twitter takeover
A curious read, seems he spent $27bn in cash on the transaction - so he ‘only’ has loans on ~$17bn, across a swathe of investment groups, wealth funds and banks. Basically, I don’t think a margin call is imminent.
Which is a bit of a shame, as it would be somewhat hilarious to see it fall into the hands of a bank like Chase - being such a toxic asset at this point, to know whether they’d try to salvage/pivot it (ideal, but unlikely) - or just sell it on and write off the loss.
It’s pretty common knowledge how these billionaires leverage the value of their stocks/assets as collateral against loans, in order to avoid having to pay capital gains tax.
Even though it’s not liquid cash, there really isn’t much to preclude them from taking out cash loans up to like 70-80% of their value if they ever wanted to (not that they would, as cash depreciates in value due to inflation).
So while you are correct that if they ever had to liquidate their shares the value would plummet significantly - unless something catastrophic happens and the value of those assets plunges well below an acceptable level to their financiers, it will never happen.
If you owe the bank a $100 and can’t pay it back, that’s your problem. If you owe the bank $100m, that’s their problem.