They make money lending their shares confident that the price will rise again.
or
They make the same money lending AND get another bite at low prices.
or
They are lending out their clients shares... in which case they are just trying to make money from something they don't actually own and it doesn't matter if the price drops or not.
You are right though. Why would they lend out just to assist in the destruction of their own holding? It isn't logical. Unless they want one of the benefits above. Take Blackrock for instance. They lent out their shares, but didn't change their holding in the last 3 months...
To that end, hopefully Blackrock now take full advantage and get buying at these low prices.
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