No. Short sellers are still on the hook for 122% the total shares of GameStop.

Today is the day they begin having to pay interest on these outstanding shorts. They now feel pressure to buy GME.

Originally, /r/wsb thought the short sellers would start covering their position earlier, and today would be the day that the infinity squeeze would happen. But the short sellers double-downed and haven't begun covering their position. This will go on for a bit longer now.