This may work if you could trust the venue that you place the short position with, however if Tether collaborates with the main venues, that won't work, if they can spike the price and wipe out your position. There are suggestions that this occurs, example below.

https://twitter.com/Bitfinexed/status/1405037796172222466?s=...

``` PSA: Do not attempt to short Tether. If you obtain a large enough position in Tether, the exchange will leak your position to Bitfinex shareholders who will coordinate to liquidate your short position.

This happened on Kraken. Tether went over $400 per tether, twice. ```