Something that doesn't make sense to me, the images I have seen on internet show that Melvin Capital used PUTs to short GME. Those options may have become worth

Something that doesn't make sense to me, the images I have seen on internet show that Melvin Capital used PUTs to short GME. Those options may have become worthless by now, but they don't seem to be worth 2.5 or 3 billion dollars. Looks like Melvin Capital's downside was limited, or am I missing something?