With its unsecured 2025 bonds trading at 83 cents on the dollar and an SEC investigation ongoing, they might have to accept a lot of equity dilution on a raise

With its unsecured 2025 bonds trading at 83 cents on the dollar and an SEC investigation ongoing, they might have to accept a lot of equity dilution on a raise big enough to keep them operating. 10% dilution in exchange for operating cash that will be promptly burned would add 10% more headwind on their earnings per share. If the market had at least to some extent believed Musk that another raise was unnecessary then that would negatively affect the share price.