Also, how much of that has been realised vs just being paper gains/losses? I'm not convinced the original hedge fund shorters have really closed out all their positions at a loss. Or maybe they've closed out some of their shorts at a loss, then entered the short again at a higher point and are now poised to make even more money on the (inevitable) way down.

Conversely, a few investors that bought cheap might have made huge returns - if they sold at inflated prices (passing the hot potato to the next greater fool). If they didn't sell, then the paper gains will vanish.