As it is, they're incredibly overvalued, even after their fall from almost hitting $1B. At their current market cap of ~$663B, they still have a P/E ratio of over 650. That is absolutely insane.
He isn’t shorting it. He bought put options around the time it was added to the S&P 500 in late 2020. Probably a bet that most companies have a pop and return to trend period following addition to S&P as well as a bet that interest rates would rise which affects stocks being valued on a discounted cash flow basis.
As it is, they're incredibly overvalued, even after their fall from almost hitting $1B. At their current market cap of ~$663B, they still have a P/E ratio of over 650. That is absolutely insane.