I have absolutely no clue how you could watch the interview and come away with this conclusion. The purpose of an interview is to ask Socratic questions to allow the guest to talk about something of which they have intimate knowledge.

The CEO made it seem like he himself didn't know how the math for the offer worked, and even when presented multiple opportunities to correct that impression, he made no attempt to convince anyone otherwise.

Yes you do. He came away with that conclusion because he entered with that conclusion. When you're already radicalized to a specific outcome, you lose the ability to perform the process of elimination.

I imagine the actual reason why Cohen didn’t answer the question is that he would have to admit that if the combined entity issued enough shares to pay for the acquisition, it would substantially dilute existing shareholders.

> I have absolutely no clue how you could watch the interview and come away with this conclusion.

The reason is pretty apparent. They are bagholders. People like this show up in every thread about Gamestop boasting about how amazing Cohen is in a weirdly personal manner, and have a very fantastical view of how things are going to go -- because their investment depends on it, and they built a literal cult around the idea that GME would make them rich, which necessitates viewing reality a little differently from the rest of us.