His writing is really entertaining and informative. But I have to disagree with this. The point of hedging is risk management. If something really weird and unexpected is happening, basing decisions on a standard options value calculator seems like a terrible idea.

Also, you have to decide: do you think this was a stupid (retail) investor or a smart (institutional) one? If stupid, how do they have a few million dollars to blow on a bet like this? If smart, might they have some plan, like they think they can trigger a squeeze of some kind? This all just raises so many questions for me.