If a billion naked shorts were to cover , legal shorts had to cover and then margin calls caused the selling off customer shares to cover the margin of shorts , then price would artificially jump to prices not seen in a decade . Total ruin for many shorts , with lots of laughter from most all in the entire stock market.
Good question. I really have no idea how that would look. I'd imagine a really high share price and some hedge funds & MMs struggling to keep their doors open ;)