Closing old short positions and opening new short positions does not address the root of the problem. They are still on the hook for 140m shares, regardless of the position they are at.
There has been no effort thus far to cover their shorts . Unless an extraordinary panic sell starts happening by tomorrow, these Hedge Funds are just digging a deeper grave. Even then, covering 140m shares with 30m shares freely circulating will take a long time.
Closing old short positions and opening new short positions does not address the root of the problem. They are still on the hook for 140m shares, regardless of the position they are at.
There has been no effort thus far to cover their shorts . Unless an extraordinary panic sell starts happening by tomorrow, these Hedge Funds are just digging a deeper grave. Even then, covering 140m shares with 30m shares freely circulating will take a long time.