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You don't understand what I'm saying. Retail shareholders are not allowed to own Tesla stock and most mutual funds need to be able to liquidate anytime they want. Private stock can only be sold or held by accredited investors. That means all retail held Tesla stock and mutual fund and ETF stock MUST be tendered, meaning Musk would need $20+b in new debt, which he won't receive, unless he finds a private equity firm to issue equity, probably with significant protections for the PE firm.

Accredited Investors

Private stock can only be sold to accredited investors, unless the investors meet specific requirements as non-accredited investors. An accredited investor is an individual who has a net worth higher than $1 million, excluding the value of her primary residence. Or, she may qualify if she has annual income in the previous two years higher than $200,000 or, if married, $300,000 in combined spousal income, and expects to maintain that level for the following year. A director, executive officer or general partner of the company issuing the securities is also considered an accredited investor.