I actually saw a recent interesting video giving more credence to this being a scheme to offload his bad debt:
Exchanges are all lowering their entry barriers for retail investors to buy the stock, but increasing their barriers for selling the stock quickly, which basically means that clueless retail investors (who get an unusually large share reserved for them) are allowed in but have the door shut behind them, end up left holding the bag.

But still I wouldn’t bet on the market being rational