Have seen document and have posted it here too on this site.
The position involves the right to sell the 1,350,000 shares at some price, but that position wouldn’t be worth 40 million.
Say he had the right to sell it at $ 32.5 per share and the stock goes down to $ 31.5 per share (I realize it is a little lower).
Right there he would make $ 1,350,000 plus whatever time and sentiment value there is based on when the expiration is. That isn’t 40 million in profit though.
Now if his fund has 1,350,000 contracts, not shares that would be another story.
He also may have holdings through other entities and holdings that he hasn’t had to disclose.
Look at the entry for MGM — it says a ‘put’ and in column 4 it lists a value of $42.242M.
Each contract is 100 shares, so he actually has the right to sell 135 million shares at the strike price. The the puts are at all in the money, they could easily be worth $42 million.