You can see evidence of this in Tesla's Altman Z-Score, a weighted average of five ratios where a score of less than 1.8 can indicate a high risk of bankruptcy. Tesla scored 1.3 at the end of 2017 and, using Morgan Stanley's numbers, would theoretically end 2018 at somewhere between 1.27 to 1.35, depending on how one treats the equity sale's impact on the market cap.

Source: Los Angeles Times May 16, 2018 18:24 UTC