What does the squiggle (tilde) i.e. `~` operator do in Python?

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The tilde operator in Python

What does the squiggle i.e. ~ operator do in Python?

(This is probably Python 101 for most, but I came across ~ in code and had no idea what it was, and it took me a surprising amount of research to figure it out, so hopefully this Q&A can help someone down the road.)

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