Not if they don't believe that the markets are efficient. It doesn't matter if you are, in some sense, "right" if the market disagrees. Wirecard is a prime exam

Not if they don't believe that the markets are efficient. It doesn't matter if you are, in some sense, "right" if the market disagrees. Wirecard is a prime example of this: a lot of short-sellers that, in the end, were right about the fact that it seems to have been a house of cards lost a lot of money.