It is what WSB was about before last week. They were buying a lot of spy puts at the March low and screenshooting the gains losses from Robinhood.
With the same logic he could have cashed out at 10 MM or 20 MM, and the position would have never reached 47 MM. You have 20/20 hindsight, he thought GME would go to $1000 or whatever. Nevertheless, he is set for life, whatever happens. And the leftover of the position is still worth MORE what you have ever made. Not to mention the fact that he is still richer than 98% of us, so there is that....
if he had cashed in at 20M, it wouldn't have reached 47M, everyone would have bailed and let the market reprice accordingly to the fundamentals