It's likely that he was used to the income levels that he was enjoying before 2022. The money hasn't dried up, but he may have kept up his lifestyle and spending until it became clear that there would be no rebound. He may have misjudged just how much his new circumstances would cost, month-to-month. He may be regretting taking so many vacations instead of managing his finances more responsibly.
It's easy to improve your life to match your income level, especially when it seems as if your income will continue to increase for the foreseeable future. I mean, he does not strike me as someone who is good at planning things cautiously and looking towards the long-term.