I just watched this several times in rewind. It all happened very fast.
My take was this was 1 escape. The other wrestler turned immediately after the still shot is shown in the above and created a scramble situation. Not a reversal. If this was college wrestling then maybe 2 reversal.
Anyways... the head official looks to have gotten it right initially, but put his faith in his assistant (Which most will) and flipped his call trusting him and most will since he was focused on the action.. not necessarily the time on the clock.