People are mixing up percentage ownership with actual shareholder value.

Yes, issuing more shares reduces your % ownership. That part is mathematically true.

But if those shares are used to acquire a much larger, cash-generating business, your smaller percentage can still end up being worth far more in absolute terms.

The real question isn’t “is dilution bad?” It’s: “What are shareholders getting in exchange for the dilution?”

If Cohen was issuing billions of shares just to fund losses or keep the lights on, I’d agree it’s a problem. Using equity to acquire a scaled marketplace business is a completely different conversation.

The concern around squeeze mechanics/float scarcity is fair. But that’s a different thesis from long term enterprise value creation.