Huge is relative. If he adds 50 million shares to get rid of 400m in warrants, so be it.
Now, I'll give you that I don't think he should have said 'no toxic dilution', but CEOs are optimistic.. and the base case was that those 400M warrants could be exercised at any time.. for free.
I can totally understand how he would perceive that if he's reducing that, he is doing the opposite of toxic dilution.
I agree that it's an overhang.. I was preaching about the warrants before anyone other long was talking about them this year. Multiple people were telling me that Gary was handling it and there'd be no dilution, so they saw it as you did whether they'd say that now or not.
I'll say it again though.. Even if we were at 1B shares right now, I think it's a good value. Any reductions he can make=icing on the cake.