[uncivilized]

Yes he lost a ton of money. He went from being up as much as you said to up only 80% and getting liquidated at that point. If it weren’t for Citadel stepping in to buy his investments who knows how much worse it could have gotten.

The only thing you can argue is realized vs unrealized.

[bigstrat2003]

Unrealized losses do not count as losing money (and similar for gains, of course).

[BoorishBears]

They do once you're getting margin called.

[uncivilized]

Tell that to Leopold