I feel he meant the original RCE Ruby bug which then allowed all this extra access. It was not some huge, architecture-changing security problem, just a simple upgrade to fix.
What he revealed however, was that Facebook doesn't pay attention to least privilege with key access, what those keys access[1] and more importantly where those keys access data from[2]. I have a feeling there's some scrambling to cover these blind spots over at Facebook.
"[Alex] then explained that the vulnerability I found was trivial and of little value"
coupled with the fact that he seemed to be very worried about the problems that could be caused by the author in exploiting it. Something seems amiss.