In the scenarios painted here and by the parent (buying puts or calls), the losses are capped at whatever was outlaid in premium. The leverage is entirely expose to the upside potential.
I think he means that deep OTM is cheaper and you can buy more of it compared to what you would with ITM or near strike options.
So yes if you think Tesla is going to be $1000 in a few weeks and it moves towards that direction but not enough to make up for other greeks, IV, theta, etc, then yeah it could happen.
