$(SE)$ capped calls dynamic only works when price was steadily rising and they printed more shares on the back end to cover redemptions , but at same time they take the new user growth. Same for the paper they spun out when convertables redeemed in cash. SE balance sheet is super reflexive to its share price. You Will see SE start to burn through any cash reserves they have sitting around as they fight to keep relevance going forward with little new user growth. Your welcome.
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