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The real story is somewhere in between.
People who entered this game early are in prime position to make a lot of money, many already have.
People entering now will lose unless they time it perfectly.
People who enter tomorrow or day after without understanding the short squeeze will almost certainly lose a lot of money. Eventually someone has to get screwed over by this, right now its looking like the hedge funds will bear most of the losses.
But there is a small possibility that the hedge funds can trigger a sell off and cut their losses. Their attempts to do that have failed so far, but it can happen nonetheless.
There's nothing here!