Joby needs cash, and it's just found a way to raise a lot of it. And now Joby has done just what I said it would do -- issued a lot of stock -- and its stock is down 17.2% as of 12:25 p.m. Thursday! This morning, Joby clarified that it will actually float $600 million in convertible debt and sell 52.9 million shares of stock. Priced at $11.35 per share, that's $600 million -- so it's not $1 billion but $1.2 billion that Joby is actually raising. Additionally, Morgan Stanley will sell 5.3 million shares "of Joby's common stock, borrowed from third parties ... to facilitate hedging transactions."