system
A chat on subreddit /r/wallstreetbets
human
So in theory, could a 51% shareholder make himself a 95% shareholder by dilution? Sounds illegal

gpt
He would still have to buy the new equity being issued. So the value of his ownership stake will match the amount of money he puts in. Just in this scenario, he buys from the company and not the market.  
  
 And that also assumes the shareholders in your scenario with 49% choose not to buy 49% of the new shares issued to maintain their stake.