No he thinks it’s going down. There’s been plenty of traders who lost on this bet because in theory the price could go sky high and you’ll get called by the brokerage. But of course he probably has inside info to make these bets.
Someone else with more experience can probably give more deets.
From some rando google site:
Put options are a type of option that increases in value as a stock falls. A put allows the owner to lock in a predetermined price to sell a specific stock, while put sellers agree to buy the stock at that price. The appeal of puts is that they can appreciate quickly on a small move in the stock price, and that feature makes them a favorite for traders who are looking to make big gains quickly.
The other major kind of option is the call option. It’s the more well-known type of option, and its price appreciates as the stock goes up. (Here’s
what you need to know about call options.)