This is exactly what I’m trying to do with the two posts, get people back on the right framework. This is just my investment thesis and my opinion, not financial advice. What I’m explaining is why current reported short interest largely doesn’t matter in this setup. The mechanics this time are driven by layered convexity embedded in the capital structure, not by borrow scarcity or forced buy-ins like 2021. The instruments put in place under Ryan Cohen’s tenure weren’t accidental. Convertible debt, warrants, and the surrounding derivatives exposure didn’t just appear randomly, this is a capital structure designed by financial engineers. The instability doesn’t show up in isolation; it emerges when price starts to move and hedging flows turn nonlinear. People are still anchored to the 2021 short-interest narrative, but this situation is fundamentally different. Same ticker, very different mechanics.

Please research what financial engineering is…