The dilution will be much higher if the share price stays lower. Think about it this way: Giving 20 billion in new equity per year when the market cap is a tri

The dilution will be much higher if the share price stays lower. Think about it this way: Giving 20 billion in new equity per year when the market cap is a trillion dilutes everyone 2%. When the market cap is 500 billion you are now diluting everyone 4%. When the company is growing you don’t see the dilution as the increase in stock price is much higher. When it’s static this drags your shares down over time.