If he made $11 million, then he didn’t lose a billion. So of course he didn’t take a loss bigger than his income.
But like anyone, he’ll take his costs and losses against his income when figuring his tax.
This is a key teaching point. When you lose a billion dollar investment, you can offset future capital gains fully until the loss is exhausted. You can only carry a loss of $3,000/yr to your income tax. Billionaires take most of their income as dividends and capital gains from their businesses... that's how they have a lower tax rate than their secretaries. They are using favorable long-term capital gains and qualified dividend rates rather than their own income tax rate. All of these gains can be offset by the loss until the loss is fully realized.