He had a pretty reliable exploit on the most used browser, pretty sure it he could have gotten more tax free on the black market. Now, with EDR widely deployed it's likely that the exploit usage ends up being caught sooner than later, but pretty sure some dictatorship intelligence agency would have found all those journalists deep compromise worthwhile...
Why not collect from both of the sources? First collect with your black hat and then with your white.
The mechanism grey-market buyers have to protect their interests against over-selling bugs is tranched payments. Sellers make much of their returns from bugs on the back end through "maintenance agreements", which both require the seller to keep e.g. the offsets in their exploits current and reliable against new patch levels of the target, and also serve to cut off payment once the vendor kills the bug.
If you sell to both sides, you quickly kill the back end business from the grey market buyers. If you sell to too many or too sketchy grey market buyers, the bug leaks --- vendors see it exploited "in the wild", capture samples, kill the bug; same outcome: tranched payments stop.
This is one reason it can make sense to take a bounty payment that is substantially smaller than what a bug might be worth on the market: you get certainty of payment. Another reason is that the bounty program will only want POC code (perhaps proof of reliability in addition to just exploitability), while the market will want a complete enablement package, which is a lot of work.