You are both correct, and I misspoke.
x times more than y means (x+1) * y.
x times as many as y means x * y.
However, my primary point, that language cannot always be translated word for word is still relevant.
x times less than y means y / x.
No one uses it to mean y * (1 - x) as several people have suggested that it must mean, based on parallel construction. It’s just not a useful relationship to talk about.