Klarna would use a prime broker to hold their shares. They would give permission or not for those shares to be lent. If yes, then where the shares are lent is up to the prime broker (who takes the counterparty risk).
As Klarna has an interest in the BNPL sector succeeding I think you will find that they would not lend out shares. This is a strategic interest.
If all of a sudden, the available borrow on Z1P increases by multiples you don`t think the shorts would smell a rat? I don`t know what strategy the shorts have but the probability of a strategic player/investor like Klarna lending out shares to lower the price is very minimal.
Also, remember, they have to account from where their income comes from (lending shares earns income) and that would be a tough explanation to their shareholders to say they earned income from lending shares for hedgies to short on a holding that they just bought.
Remember algos take large momentum positions on news flow (Apple) ... Take a deep breath and think it through.
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