Margin debt - Musk's advice

Just curious who will follow Musk’s advice from last Friday:

“I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep powder dry.”

Full article here: Elon Musk Warns Against Margin Debt on Risk of Market ‘Mass Panic’

I don’t follow any advice from others in regards to my personal finances.
I evaluate and research every decision myself, as at the end of the day, I have to live with the consequences of my decisions and not Musk or any other advisor.

I’ll keep my margin loan, but will ensure that it stays below 10% of my securities.

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Isn’t he mostly talking about his own situation here?

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Indeed. The article develops this apparent oxymoron from the beginning: “Billionaire Elon Musk is warning against something he himself has done — borrowing against the value of securities one owns — because of the risk of “mass panic” in the stock market.”
Either he has now much less exposure to margin debt, or he feels there are different rules for him than for the “people”.

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He is not the only one:

“Even if your borrowings are small and your positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.” Warren Buffett

Since he experiences the high pressure of debt first hand and he thinks that the coming one or two years will be difficult, it makes sense that he advises against it. However I don’t think his advice will change anything. Just know well with what you play.

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