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As options can grant the buyer significant leverage with each option representing 100 shares, the sum they came up with for the article title is likely a misrepresentation, and if the bet goes wrong notably less money will probably be lost. Either way I don't think articles of this nature are particularly useful however.

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So how would you go about making an educated reverse engineering claim on the stake at risk without knowing his other legs nor expiry dates? Is it even possible? How about a wide range?

I don't think it's possible. He's also not saying if he's actively managing his puts. He may be actively rolling the date or the price to cash in on red days and re-buy on green days. There's many ways to make a big short bet on a volatile stock pay for itself with day trading until it's no longer a bet and just a free lottery ticket.

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