Loans still have to be paid back at some point. It’s true that sometimes banks are happy to let the billionaires have the loans for their whole lives and get paid back out of their estate when they die. But, when you borrow against a security (like a stock) and the value of that security plummets (like pretty much every tech stock did recently) the terms of your loan can force you to sell the stock and pay it off right away. (and sell it at the worst possible time since it just crashed and now you’re locking in that loss) So it’s not really a good idea to over leverage yourself in that way.

Sure, he can borrow a bunch of money against his stock and buy a giant a yacht or give it away to people who got laid off, just like a normal person can borrow a year’s worth of salary from credit cards or take out a high interest loan to buy an expensive car, but that doesn’t mean it’s a good idea.