• The conical wedge might have worn out

    If it doesn't pull through, it's doing its job. Cone type stems do rely on the shaft being quite close in diameter to the steerer bore, if it fitted with powder coat in the bore then it's a bit loose now.

  • It could be worn enough to no longer splay the split ends of the stem. It probably didn't pull through as there are notches on either side which sits in the splits to prevent rotations when being tighten up.

    Have happened when I was wrenching in the workshop.

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