A short NEVER has to cover, they can hold a short forever. If they do not cover they do not have to pay taxes because the closing of the transaction never took place. That's why a lot of short want the company to fail.
You're right, they have to cover the borrowed shares when the stock starts to get away and head north and get squeezed.They will make out very well Friday, something like this is a short sellers dream. Cuz after all, they are betting on the stock going down. The shorts are drooling over this.
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