I mean the shorters haven't exited their postions yet. Which means a short squeeze hasn't happened yet.
Shorters can only exit their position by buying the same number of shares they have shorted. When this happens it will add to the buying demand even more. I'm shocked that there has been no covering yet, these shorters are sitting on billions of dollars of losses.
Exiting their position is gonna be quite difficult isn't it, seeing as they shorted it by 140%, so if they want to try to cover their losses and buy back now (for reducing losses), there are literally not enough stocks available for everyone to buy back. That's gonna cause even more demand, and the guys over at r/wallstreetbets ain't selling. SEC has supposedly "started monitoring the sub". Not sure why, because as of my understanding, none of this is illegal yet and this is how the hedge funds who are crying now have been screwing people over in the past.