Should we feel bad for Gamestop short sellers?

Short selling stock has become increasingly popular since the 2008 financial collapse. The practice basically bets against a stocks success. So, bug hedge fund managers can place a large amount of short sells on as stock, which then causes a panic for those that own that stock, causing it to collapse and the short sellers make out big.
Recently these millionaire/billionaire hedge fund managers bet it all against the stock for Gamestop, hoping to win big when the company went under. They were not so lucky however, as a few people on reddit were paying attention to this. They rallied everyone to buy that stock, causing it to go up, not down, and causing those who had shorted it to loose millions. These hedge fund manager are now asking for new regulations to be put into place to prevent normal people from collaborating like this in the future.
I see this as these managers finally being beat at their own game, but some media outlets are on their side and also calling for reforms. Where do you stand?

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