$358 is what TSLA is trading at right now (30minutes after this blog post hit HN). I'm guessing the traders are calling BS on whatever Musk has in hands.

Imo, this looks like a stage to liquidate shorters (which Musk hates). Musk could have mentioned here that S.A. had "committed" in some way to a private deal. He didn't. They are still negotiating.

There is literally 0 reasons why the stock will trade below $420 if the funding was "secured" let alone trade 15% below that.