It's now coming out that he didn't have access to that kind of leverage. Robinhood will show one leg of a multi-leg options strategy as your balance in certain

It's now coming out that he didn't have access to that kind of leverage. Robinhood will show one leg of a multi-leg options strategy as your balance in certain cases. So you have theoretically sold 700k in calls, but it's covered by a near equal amount of options being bought, there is no scenario in which you could actually owe 700k Yet Robinhood's engineers didn't properly implement the feature, so their account balance showed the calls as if they had been sold naked, resulting in -700k as a balance.