That is true, but a million dollars can be gone in no time, if a multi billion dollar company decides you need to be gone.
1 million dollars is far from enough to run a high profile copyright lawsuit.

This case is simple, so they will probably manage that pretty easily, there is basically no way Bloomberg can win. It’s just a typical harassment tactic that will work against by far the most smaller outlets. But Steve is smart, he knows bullshit when he sees it, and he is not easily scared.