This wasn't really a two sided bet, Archegos bought a lot of stock and essentially borrowed a massive amount of money to buy even more stock, then the stock lost value.
If Company X is worth $60B on Monday and $40B on Tuesday then some people who were short could make a lot of money, but in general $20B of value has been destroyed and the world is poorer on Tuesday.
If Company X is worth $60B on Monday and $40B on Tuesday then some people who were short could make a lot of money, but in general $20B of value has been destroyed and the world is poorer on Tuesday.