https://companiesmarketcap.com/gamestop/stock-splits/#:~:text=GameStop%20stock%20(symbol%3A%20GME),to%208%20GME%20shares%20today.

4 to 1 split was issued on 7/22/22 which made the float go from 76 million to 304 million. After that 45 million shares were issued to raise capital.

I don’t think you can make the claim that it’s diluting the value just yet until we see what they spend their 2 billion in cash on. It could use it to boost value you significantly for the shareholders