I think I have worked out why these BNPLs like ZIP and SPT are...

I think I have worked out why these BNPLs like ZIP and SPT are being attacked by shorts.Notice how the more business they write the smaller their equity is becoming. ??? Why ?Success is actually killing them. Why ? if you are a bank and you build a loan book of$1bn then you need to hold 8% Tier 1 capital buffer to cover for 1-2% bad debts (average) or 4x coverage. Some banks like HSBC have up to 12% Capital buffer or 6-12x the coverage.So guess what the BNPLs do not hold Tier 1 or Tier 2 Capital to reach 8-12% of banks and don't hold much at all and some analyst estimates of their true Bad debts is 5%Hence ZIP or SPT is perceived to hold 5% Bad debt even if not true .....e.g. so with 50m cash and $1bn book the equity in SPT is becoming worthless and it also needs its cash to operate.Shorts are therefore destroying the equity of the vulnerable like SPT and OPY first and now ZIP and thereby creating their required capital raises at highly dilutive lower prices which they the shorts then buy the CR to cover their massive short.It's robbery of shareholders and it's disgraceful because it's share price manipulation plain and simple and they know our regulator is lame and never pings instos for it with 10 year Prison or $10m fines like the US. These guys shorting belong in prison. ZIP and SPT needs to appeal to the regulator but the regulator won't help just demand them raise big capital at ridiculous low prices. It's insane.

I think ZIP founders knew all of this and sold out and everyone else should have also. This is now BB- Credit ....or worse junk. Sorry truth hurts. A BIG CR is inevitable IMHO
I am not shorting bc they may get bought like APT ....so GLTAH.