The dude is in net profit from trading, he only used a much higher leverage on that trade and somewhat got liquidated.
A rich person like him suppose not use leverage at all which is the reason he lost so much. Using millions to trade can give high ROI without using leverage but I do not know the reason he is using high leverage to trade which is just greediness and he got liquidated. If he is not careful, he may later go broke or he should just change.
I think he's addicted to trading and enjoys high risk trading a lot. On a heavier note I would like to refer to it as greed, he's actually a greedy trader who wants to hit it very massive. He has long been into that kind of practice and it has given him much gains in the past, only that this time around he went too extreme.
Speculations have it that he has re-entered yet another trade on hyperliquid despite vowing to stop and has gone long on BTC with $100m and a 40x leverage. Dude is very addicted.