lots of sources agree he is cash poor and pays most of his bills with loans leveraged on Tesla stock. He has multiple loans and I cant find any reason to believe they would all have the same margin rate, but even if 114 is the highest one breaking it could trigger a drop large enough to break other margin rates.
Multiple investment comentators have said they expect Teslas valuation to drop bellow 130 this year, from a peak of 479 so falling under 114 seems possible.