No he didn't. He lost 10 Million.
If I put 10M into a company, then it goes public and my stock goes to 111Million, and then goes back to 260K, I did not lose 111Million, I lost 10 Million.
It's like all these Enron crybabies saying they lost 2 Million in stock. Well, the stock should never have been worth that much to begin with, because they didn't actually make money. So they never deserved that 2 Million to begin with.