$SpaceX(SPCX)$ Margin calls look like they're hitting today. With SPCX up +6% on unlock day, the numbers paint a pretty clear picture. Shorts are getting squeezed, and the borrow fee jumped from 6.17% to 10.79% in just 24 hours. High put volume combined with a rising price means theta burn and mark-to-market losses piling up. The unlock didn't trigger the selling a lot of people expected. Instead, short covering lifted the stock. This is exactly the kind of setup where margin desks start tapping traders who leaned too hard into the unlock dump narrative.
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