It appears as though he sold exactly the number of shares required to cover the cost of exercising options that were about to expire with his after-tax proceeds. This does not seem to me to be a nefarious transaction.
To be clear, he likely has millions of shares of stock in SVB that are now worth exactly $0. He could end up being personally liable for SVB employee’s pay.
In general, I too hate when the “rich people” win despite screwing up. This doesn’t appear to be that sort of situation.