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Because the terms of his collateral pledge aren’t known, the stock price at which Musk might face margin calls on the loans is unclear, though market speculation has put it at about $100.

And more importantly, many can no longer afford to trade — the cost for margin calls to back a firm’s position has skyrocketed.

But when prices began falling, Hwang was unable to meet margin calls, leading banks to dump stocks backing his swaps.

That caused it to miss margin calls, and banks to dump stocks that had backed the swaps and which they had bought as hedges.

That drop in valuations also appears to have led to his facing a margin call on a loan he used for other investments.