system
A chat on subreddit /r/wallstreetbets
human
The 20% is the initial LTV, though.  It also specifies a margin call level of 35%.  So there will be no margin call unless LTV exceeds 35%, which is $28.6 billion of collateral with your assumption of $10B principal, or $35.7B if he didn't put up any cash.

&gt;LTV Margin Call Level 	35%  
&gt;  
&gt;**LTV Reset Level**  25%   
&gt;  
&gt;If on any day the LTV Ratio exceeds the LTV Margin Call Level, the Borrower shall, within two Business Days, (i) transfer sufficient Additional Collateral to the Collateral Account, (ii) prepay the Loan Amount and/or (iii) sell Collateral Shares (with the proceeds of such sales to be deposited in the Collateral Account and/or applied to prepay the Loan Amount) in order to bring the LTV Ratio to or below the LTV Reset Level
gpt
Correct! But Mr. Musk would be a fool to even approach the 35% margin call level, and can be assumed to want to stay under the 15% LTV release level that enables him to invoke the part that states "If, on any day, the LTV Ratio has been lower than or equal to the LTV Release Level for 5 consecutive scheduled trading days, the Borrower can require the Lender to release, with two Business Days’ notice,  Collateral Shares for purposes of settling Permitted Sale Transactions or cash from the Collateral Account, *provided* that no material default, Event of Default, Potential Adjustment Event, Mandatory Prepayment Event or Collateral Shortfall shall have occurred and be continuing immediately prior to, or immediately following, such release  and that after such release the LTV Ratio does not exceed the LTV Release Level."