It could. It could also mean that the mayo needed to be worked more. Or that it needed something to help the emulsification, such as a little mustard powder. Or, that it set out for a few minutes in a room that was a bit too warm and the oil started to separate. Or... well... or a lot of things.
He most likely used an oil which congeals at a moderate temperature (such as olive oil), or that his refrigerator his pretty darn cold.
The test would be to take a couple of those white dots off the top of the mayonnaise, put them in a plate, and let them sit at room temperature for a few minutes. If they melt, they were congealed oil.
But and in any case, any time something goes visibly wrong with anything as prone to contamination as mayo, the best practice is to throw it out.