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In The Media

SEC report did not make sense to me

by Larry Chiang on February 23, 2026


WordPress’d from my personal iPhone, 650-283-8008, number that Steve Jobs texted me on

– Michael Burry debunks a recent X claim of 700% short interest in GameStop ($GME) as a misreading of short sale volume data, explaining it reflects routine market maker facilitation for liquidity, not directional betting or fraud.
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– Aggregating daily short sales over periods creates misleading flow metrics—shares can trade hands multiple times—ignoring buy-side activity; Burry notes this echoes errors in interpreting FINRA short volume reports, which track transactions, not net positions.image1.jpeg
– Drawing from his January 2026 Substack post “Final Stop GameStop: The Jig is Up,” Burry highlights operational shorting’s temporary “phantom shares” for ETF settlements, a neutral process affecting all equities, and urges readers to review it for context on persistent meme stock narratives. 

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