Ackman's option positionFor beginners
He sold the put 70 to finance the purchase of a call spread 100/130
At no cost or close since he was not able to get rid of the hedge with Nomura for 0
His worst case scenario would be for the share price to tank in which case he either would have to buy 12.5m shares @ 70 or sell them if he cant find the money.
Otherwise he has a long exposure to the stock between 100 and 130
This is clearly a leverage of his existing position and I assume without doing the math that if the stock reaches 130 in 2 months he might be breakeven on his whole position. That is a smart trade if it succeeds