I think it's a coincidence. Stocks like Tesla have taken a beating since November. Cheap investment money is going away and everyday that section feels more and more pain. Even companies that are "objectively" sound and valuable have lost a lot of value. He saw that and wanted to cash in near the top because it may be years of going sideways or down. That coincided with what the person you replied to mentioned, an economic downturn.

If he has variable interest rates on any of his loans/leverage then that's going to bite him too.