diff --git a/packages/shared/src/threadLinks.test.ts b/packages/shared/src/threadLinks.test.ts
index 5285214b8656d..3995ff05917df 100644
--- a/packages/shared/src/threadLinks.test.ts
+++ b/packages/shared/src/threadLinks.test.ts
@@ -150,6 +150,33 @@ describe("thread links", () => {
         "After [New](t3-thread://v2/local/t1)",
       ].join("\n"),
     );
+    for (const literal of [
+      "`multiline\n<t3-thread://v1/t1>\ncode`",
+      "`multiline\r\n<t3-thread://v1/t1>\r\ncode`",
+      "`multiline\r<t3-thread://v1/t1>\rcode`",
+      "```md\n\n<t3-thread://v1/t1>\n\n```",
+      "~~~md\n\n<t3-thread://v1/t1>\n\n~~~",
+    ]) {
+      expect(threadLinkRefs(literal, local)).toEqual([]);
+      expect(relabelThreadLinks(literal, local, () => "New")).toBe(literal);
+    }
+    for (const newline of ["\n", "\r\n", "\r"]) {
+      for (const blank of ["", " \t"]) {
+        const paragraphs = [
+          "An unmatched ` in one paragraph.",
+          blank,
+          "< t3-thread://v1/t1 >",
+          blank,
+          "Another ` in a later paragraph.",
+        ].join(newline);
+        const normalized = paragraphs.replace("< t3-thread://v1/t1 >", "<t3-thread://v1/t1>");
+        expect(trimThreadAutolinkPadding(paragraphs)).toBe(normalized);
+        expect(threadLinkRefs(normalized, local)).toEqual([ref("local", "t1")]);
+        expect(relabelThreadLinks(normalized, local, () => "New")).toBe(
+          paragraphs.replace("< t3-thread://v1/t1 >", "[New](t3-thread://v1/t1)"),
+        );
+      }
+    }
   });
 
   it("trims the whitespace a model writes inside a thread autolink's brackets, and nothing else", () => {
diff --git a/packages/shared/src/threadLinks.ts b/packages/shared/src/threadLinks.ts
index e3a5c5eb1ac03..ea21ca9a4a911 100644
--- a/packages/shared/src/threadLinks.ts
+++ b/packages/shared/src/threadLinks.ts
@@ -11,7 +11,7 @@ const HOSTED_PREFIX = `${DEFAULT_HOSTED_APP_URL}/threads/`;
 const HOSTED_SEGMENT = "[A-Za-z0-9_%-]+";
 const HOSTED_LINK = `${HOSTED_PREFIX.replace(/[.*+?^${}()|[\]\\/]/g, "\\$&")}${HOSTED_SEGMENT}/${HOSTED_SEGMENT}`;
 // Code comes first in an alternation so a link written inside a code span or fence is skipped.
-const CODE = String.raw`(?<fence>(\`{3,}|~{3,})[\s\S]*?(?:\2|(?![\s\S])))|(?<span>(\`+)[\s\S]*?\4)`;
+const CODE = String.raw`(?<fence>(\`{3,}|~{3,})[\s\S]*?(?:\2|(?![\s\S])))|(?<span>(\`+)(?:(?!(?:\r\n|\r(?!\n)|\n)[ \t]*(?:\r\n|\r(?!\n)|\n))[\s\S])*?\4)`;
 const THREAD_LINK_OUTSIDE_CODE = new RegExp(
   String.raw`${CODE}|\[(?<label>[^\]\n]*)\]\(<?(?<href>t3-thread:\/\/v[12]\/[^\s>)]+|${HOSTED_LINK})>?\)|<(?<autolink>t3-thread:\/\/v[12]\/[^\s<>]+|${HOSTED_LINK})>|(?<bare>${HOSTED_LINK})(?![\w%/?#-])`,
   "g",