To clarify, he didn't make bank off of Yahoo crashing, he just locked in the value of his shares at $85. It's not like he profited from Yahoo crashing, it's mor

To clarify, he didn't make bank off of Yahoo crashing, he just locked in the value of his shares at $85. It's not like he profited from Yahoo crashing, it's more that after buying the puts he guaranteed a worst case outcome if Yahoo crashed. If Yahoo didn't crash and just stayed at $95, he'd still have made the same amount of money. If Yahoo went up in value by a significant amount, he'd have actually been better off (he'd have lost value on his options but regained all of it and then some on the value of his stock).