The whole point of wash sales is that he's not eating $100M in losses. He's moving money between two nearly-identical stocks, which happens to look like a loss on paper at the moment that the deal occurs.
And for somebody to whom $3k is a significant amount of money, fucking around on the stock market to engineer a $3k on-paper loss is quite out of reach.
But the maximum benefit of a wash sale is only $3000 in deductions, which he is entitled to, but does not really effect his financial situation in any way.
And for somebody to whom $3k is a significant amount of money, fucking around on the stock market to engineer a $3k on-paper loss is quite out of reach.