Missing option (3). Jack Ma, prominent billionaire, was surrounded by kiss-asses for the past 5-10 years. In doing so, he developed a distorted sense of his own intelligence/power/allies which caused him to make a calculation about the current state of Chinese politics and power that is obviously false to an outside observer.
See also, Twitter is was not worth $44 billion in 2022.
Missing option (4). If you have billions, sacrificing a lot of wealth and power to do something you want is just another valid option.
See also, sacrificing 20% of your net worth to support "freedom of speech" is a reasonable choice, especially if you are left with an objective fortune.