Yeah, that is what it looked like when one of mine blew his tail. Be very careful and watch closely for signs of infection or fin rot. Hope all goes well, he is a very nice looking fish.
PT- The best explanation I can give you is what I have gathered from research after my fish blew out. None of this is known fact ie. scientific studies, but all comes from respected experienced breeders: As breeders continue to enlarge bettas tail size, they seem to have a problem with the circulation to their tails. Although the tail is much larger the fishes circulatory system is the same size as a plakat for instance. In times of stress(like transport), water quality issues, and overactivity they "blow" their tails and sometimes other fins. Basically they shed or release all the excess webbing in between the branches of their tails.
There is some speculation that it can be caused by calcium deficincies in the water, and alot of breeders feel that it is genetic so they do not breed those fish. Some people feel that lowering pH is key to preventation and regrowth. And other suggest that the basic betta diet does not meet the nutritional needs of the oversized finnage.
Hope this helps, sorry so long.