{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-185c8a5e84a0", "slug": "dbd70945c810", "title": "Digital World Acquisition Corp (DWAC)", "subtitle": "Kerrisdale Capital · 2022-04", "author": "Kerrisdale Capital", "date": "2022-04-01 00:00:00", "pageCount": 27, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Digital World Acquisition Corp", "targetTicker": "DWAC", "document": { "id": "019dd923-622c-750b-8b98-185c8a5e84a0", "slug": "dbd70945c810", "title": "Digital World Acquisition Corp (DWAC)", "rawTitle": "Digital World Acquisition Corp DWAC", "authorId": "53_Kerrisdale_Capital", "authorName": "Kerrisdale Capital", "authorDisplay": "Kerrisdale Capital", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2022-04-Digital-World-Acquisition-Corp-DWAC.pdf", "sourceUrl": null, "sourceDate": "2022-04-15 00:00:00", "presentationDate": "2022-04-01 00:00:00", "ingestedAt": "2026-04-22 20:31:15+00", "status": "ready", "pageCount": 27, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Digital World Acquisition Corp", "targetTicker": "DWAC", "metadata": { "local_root": "/tmp/legacy-images/dbd70945c810", "activist_firm": "Kerrisdale Capital", "origin_corpus": "contrarian", "extraction_seconds": 107.2794930934906 } }, "coverage": { "pageCount": 27, "pagesIndexed": 27, "pagesWithImages": 27, "pagesWithMetadata": 27, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 169, "chartCount": 3, "metricSlides": 0, "toolMatches": 7, "documentToolMatches": 4, "frameworkMatches": 10, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "evidence": "The document's clear problem identification, agitation, and implied solution", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:22.803023+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem & Complication", "beatId": "1ca052b3-0794-4c32-b8f8-c7acd17e67b8", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The executive summary and company overview highlighting the issues", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Villain Critique", "beatId": "a18ccd65-7f5a-4772-aee4-9483ab93ccc3", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The critique of TMTG's media business and technology team", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 15, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 12, "name": "Expose Contradiction", "beatId": "077b76b9-5794-4341-aa90-26d11215b194", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The exposure of undisclosed conflicts and regulatory non-compliance", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 19, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 16, "name": "Preempt Rebuttal", "beatId": "f33948a6-2c16-404d-aa22-4bb470ad8d43", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The anticipation and rebuttal of potential counterarguments", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "02f5beba-4521-488d-9114-ee3415f3b08d", "evidence": "The discussion of the SEC's authority and motive to block the merger", "position": 0, "objective": "What are the consequences of not blocking the merger?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.007609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 25, "from": 22, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "ea71867f-7011-4883-a03d-2336f3e57aec", "evidence": "The appendix data and timeline of key events", "position": 1, "objective": "How do the key events leading up to the merger announcement impact the deal?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.047509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "ddb88993-0e3a-4c7f-b7f1-a87e9b672292", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a576b3dc-ddbf-4553-a65e-aec431367e21", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "9a63214b-70bb-49f6-bea1-7039761b5911", "evidence": "Patrick Orlando (DWAC Chairman/CEO); ARC Group / Abraham Cinta", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "14e5697c-3bbf-40bc-86c1-f98f274f81ee", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aa6683e0-40a4-47d6-9416-a00a597f6ba2", "evidence": "Table of Contents", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:36.212962+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "11e67756-715b-478c-8058-ec2094dc6ad5", "evidence": "Given the mountain of red flags that encompass nearly every aspect of this proposed merger, we believe DWAC will never file an S-4 and if it does, it will never go effective", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:59:51.124211+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9b97c4ec-45da-4cc9-9fc2-ac1a8b411043", "evidence": "table/valuation: DWAC Share Price $50.00; DWACW Warrant Price $14.91; Class A Common Shares 185; Warrants 15; Common Equity $9,235; Warrants 224; Total Equity Value $9,459; Net Cash (1,254); Enterprise Value $8,204", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:59:56.290573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "c9eea51d-844f-4bf8-a412-46f52823f958", "evidence": "The slide follows a standard short-seller research note structure: thesis, regulatory risk, operational failure, and valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:14.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "short-thesis-framing" }, { "matchId": "4a0b731d-40a4-4108-abfc-6df8134acbaf", "evidence": "Quote from Thomas Gorman, former Senior Counsel, SEC Division of Enforcement", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "authority-citation" }, { "matchId": "c02e4480-e568-4e31-a5a3-83b12873e8e1", "evidence": "The slide systematically deconstructs the business viability of TMTG by highlighting its lack of assets and questionable IP.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:45:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" }, { "matchId": "9a8d5ad8-df57-463b-a71d-2b388176de14", "evidence": "The slide frames the TMTG management team as an opaque, unreliable entity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:12.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "antagonist-introduction" }, { "matchId": "6b455b7d-7688-4513-aba9-a9cbdf127afb", "evidence": "Uses court filings to expose potential conflicts of interest and regulatory violations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "e34b6c86-cf86-4e35-bc01-94280cc08427", "evidence": "The slide systematically contrasts official regulatory filings with a timeline of events to demonstrate a material misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:13.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "b3bb8e68-4c6a-4cf5-912d-778a81ad511a", "evidence": "The slide explicitly addresses and refutes potential counter-arguments regarding the legality of merger negotiations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:13.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "preempt_rebuttal" }, { "matchId": "440a9da2-e8b8-4ca4-9593-9de7d85b06ca", "evidence": "The slide explicitly details how the PIPE structure is designed to allow institutional investors to profit at the expense of retail investors, framing it as a 'sordid' and 'abusive' practice.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "a7088851-f493-4c6e-a5e3-c58aabe60a10", "evidence": "Chronological list of events presented in a table format.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:45:14.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "timeline" }, { "matchId": "d3eee9b8-6757-4c46-903e-100a24a48ecc", "evidence": "Chronological list of events presented in a table format.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:45:14.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "timeline" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Word-processor-style research note with Kerrisdale letterhead — heavy prose, few charts. Argument is strong SCQA: situation (meme SPAC at $8bn), complication (SEC investigating, ARC recidivist), resolution (short; SEC stop order), reward ($10 trust value, -80%). Villain cast is elaborate: Patrick Orlando (many hats), ARC Group / Abraham Cinta, EF Hutton. Quotes S-1 disclaimers to expose contradiction with rapid post-IPO merger negotiations. No stake disclosed beyond a generic short-position footer. Precedent argument leans on 2017 ARC Global stop orders as template. No sum-of-parts or peer-gap chart; downside case is simply trust cash.", "kpisCited": [ { "detail": "$8.2bn at $50 DWAC share price", "metric": "Pro forma enterprise value" }, { "detail": "$10, implying -80% downside", "metric": "Target trust value per share" }, { "detail": "81m by 2026 based on a single Politico/Morning Consult poll", "metric": "Truth Social subscriber forecast" }, { "detail": "40m by 2026, >50% of Netflix US base, with no content spend plan", "metric": "TMTG+ subscriber forecast" }, { "detail": "Up to 40% to VWAP with $10 floor, investors permitted to short the stock", "metric": "PIPE discount" }, { "detail": "$1bn announced Dec 4 2021, six weeks after merger, during meme-stock frenzy", "metric": "PIPE size" }, { "detail": "Fell from 175k on Feb 21 to 17k by Mar 3, 2022", "metric": "Truth Social daily downloads" }, { "detail": "$17bn vs TMTG+ with no stated content budget", "metric": "Netflix 2021 content spend" }, { "detail": "Sole/lead book-runner on roughly half of 39 EF Hutton 2021 SPAC IPOs tied to ARC", "metric": "EF Hutton SPAC league share" } ], "closingAsk": "If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks.", "extraction": { "at": "2026-04-22 20:31:15+00", "model": "unknown-legacy", "runId": null, "seconds": 107.279495, "promptVersion": null }, "scqaReward": "Fair value is the $10 cash held in trust, implying roughly 80% downside from the current $50 share price — and risk is asymmetric given the deal is already six months past signing with no S-4 filed.", "thesisTypes": [ "fraud_exposure", "undervaluation" ], "top3Reasons": [ "SEC investigation and recidivist ARC Group sponsors make S-4 approval nearly impossible", "TMTG was a shell company at merger signing with no operations and bungled Truth Social launch", "$1bn PIPE lets undisclosed institutions short and flip for risk-free gains at retail's expense" ], "scqaSituation": "DWAC is a SPAC trading at over $8bn pro-forma on retail meme enthusiasm for its proposed merger with Trump Media & Technology Group, a Trump-linked 'conservative media powerhouse' behind Truth Social and a non-existent TMTG+ streaming service.", "thesisSummary": "Kerrisdale is short DWAC, a SPAC trading at an $8bn pro-forma valuation on its pending merger with Trump Media & Technology Group (TMTG). The merger requires an effective S-4 registration statement, but DWAC is under active SEC Enforcement Division investigation over misstatements in its S-1 and the timing of merger negotiations with TMTG, while its sponsor ARC Group is a recidivist Chinese SPAC factory whose three prior shell companies were killed by SEC stop orders in 2017. TMTG was a de facto shell at signing, Truth Social's launch has been a 'comedy of errors' with executives fleeing, and projections assume capturing 50% of Twitter's DAUs and 40% of Disney+'s base on no content spend. A $1bn PIPE lets unnamed institutions buy at up to 40% discounts and short-and-flip. Fair value is the $10 trust cash — roughly 80% downside.", "primaryDemands": [ "Investors should abandon the fantasy that DWAC's problems can be remedied with amended disclosures and a nominal fine", "Short DWAC shares given merger is likely to collapse under SEC scrutiny" ], "scqaResolution": "Short DWAC because the SEC can effectively kill the deal via a stop order, DWAC likely never even files an S-4, and the $1bn PIPE is structured to let institutions flip to retail the day the merger closes.", "thesisOneLiner": "DWAC's $8bn pro-forma SPAC merger with Trump's TMTG will never close because the SEC is actively investigating it and can kill the deal via a stop order — fair value is the $10 trust cash (-80%).", "precedentsCited": [ "2017 SEC stop orders killing three ARC Global shell companies", "Yik Yak and iTunes Ping failed social apps", "From the Desk of Donald J. Trump blog shutdown" ], "scqaComplication": "The SEC is actively investigating DWAC's S-1 misstatements and pre-IPO merger contacts; its sponsor ARC Group is a recidivist Chinese SPAC factory whose last three companies were killed by SEC stop orders; TMTG was a shell at signing with no real operations.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 13, 17, 20 ], "peerCompaniesCited": [ "Twitter", "Netflix", "Disney+", "Facebook", "Google" ], "valuationFrameworks": [ "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide functions as a classic short-seller research note introduction, establishing the thesis and the firm's position.", "function": "summarize", "imagePath": "https://imgproxy.kitesheet.com/KtbIB0zKEcOkDqGc1IktYf_2yrWob9_3LV5JfSrcCWo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kYmQ3MDk0NWM4MTAvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 6, "textChars": 462, "nDataPoints": 2, "notes": "The slide functions as a classic short-seller research note introduction, establishing the thesis and the firm's position.", "elementsJson": [ "headline_text", "subtitle_text", "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.313+00", "seconds": 5.693, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/1", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We value DWAC at the cash held in trust: $10 (-80%).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-18f9aa38201c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "disclaimer", "text": "Disclaimer: As of the publication date of this report, Kerrisdale Capital Management, LLC and its affiliates (collectively, “Kerrisdale”), have short positions in shares of Digital World Acquisition Corp. (“DWAC”)...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bc4909c-8ca4-4cbc-98e6-406b34ed76d6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "fair value: $10", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-1d2bd0e0e96c", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.8, "x": 0.1, "y": 0.18 }, "kind": "paragraph", "text": "We are short shares of Digital World Acquisition Corp. (DWAC)... We value DWAC at the cash held in trust: $10 (-80%).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c8dcae5-067a-44ab-a3c7-68ac9fa3cab6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.13 }, "kind": "title", "text": "The Truth About Deal Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e7926a4-d7a5-44bb-b870-6504b072505f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.1 }, "kind": "title", "text": "Digital World Acquisition Corp (DWAC)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0302bb8-4284-49d9-b173-23261fb401b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c9eea51d-844f-4bf8-a412-46f52823f958", "evidence": "The slide follows a standard short-seller research note structure: thesis, regulatory risk, operational failure, and valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:14.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "short-thesis-framing" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem & Complication", "beatId": "1ca052b3-0794-4c32-b8f8-c7acd17e67b8", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The executive summary and company overview highlighting the issues", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/PFKNNB-0lS8UsVSf-G6hBKp01BGPLQ1ZuK0v9o4rtdw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kYmQ3MDk0NWM4MTAvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/aE4LddmaLWBmEDVPEh_lBuEiLsGE2HkB6miym085LPU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kYmQ3MDk0NWM4MTAvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/XDmgHb5P0EjbzUvtg6bc2EZ5mgu_SEFWi2kOOgEIgdQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kYmQ3MDk0NWM4MTAvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 2, "textChars": 294, "nDataPoints": 0, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:11.696+00", "seconds": 2.998, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/2", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.75, "x": 0.13, "y": 0.165 }, "kind": "list", "text": "EXECUTIVE SUMMARY...3\nCOMPANY OVERVIEW...4\nS-4 PROCESS HAS BEEN DE-RAILED AND LIKELY DOOMED...5\nKEY PLAYERS IN THE PROPOSED DWAC-TMTG MERGER...11\nDWAC'S PATH TO MERGE WITH TMTG...13\nBOTCHED TRUTH SOCIAL LAUNCH...17\nPROJECTIONS...18\nPIPE TERMS...19\nCONCLUSION...20\nAPPENDIX...22", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:11.696+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38d0f6d2-a874-4e4a-b08b-a7ee9561c44c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.13, "y": 0.138 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:11.696+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e97210f1-833f-4fba-9293-d05644242934", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aa6683e0-40a4-47d6-9416-a00a597f6ba2", "evidence": "Table of Contents", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:36.212962+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem & Complication", "beatId": "1ca052b3-0794-4c32-b8f8-c7acd17e67b8", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The executive summary and company overview highlighting the issues", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "This is a short-seller research note summary highlighting red flags.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 7, "textChars": 676, "nDataPoints": 3, "notes": "This is a short-seller research note summary highlighting red flags.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:12.506+00", "seconds": 3.465, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/3", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Given the mountain of red flags that encompass nearly every aspect of this proposed merger, we believe DWAC will never file an S-4 and if it does, it will never go effective.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-7c7313f2147f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.766, "x": 0.117, "y": 0.14 }, "kind": "paragraph", "text": "DWAC's proposed merger with TMTG faces massive regulatory and legal risks. DWAC's merger is still dependent on regulatory and shareholder approval.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08cca885-fa90-4b27-b611-ca384af4ce23", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.766, "x": 0.117, "y": 0.47 }, "kind": "paragraph", "text": "The SEC can and likely will use DWAC to send a message to market participants.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "515f412e-b445-4f2b-a5d0-86dcfbf21fa7", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.766, "x": 0.117, "y": 0.28 }, "kind": "paragraph", "text": "Flurry of negative developments further threaten merger prospects and exacerbate operational challenges.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae943a3e-7506-4543-833d-be3dee42c1f2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.766, "x": 0.117, "y": 0.63 }, "kind": "paragraph", "text": "PIPE financing enriches institutional investors at retail's expense.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6868a55-e571-45ca-8712-dd9d554b99b8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.766, "x": 0.117, "y": 0.75 }, "kind": "paragraph", "text": "Valuation is absurd and financial projections are based on the flimsiest of assumptions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe440ae2-24d9-4c1f-9990-c64c2bc86219", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.235, "x": 0.117, "y": 0.095 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8fa224a-91b3-484e-83ad-3aee4e9abed7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "11e67756-715b-478c-8058-ec2094dc6ad5", "evidence": "Given the mountain of red flags that encompass nearly every aspect of this proposed merger, we believe DWAC will never file an S-4 and if it does, it will never go effective", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:59:51.124211+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem & Complication", "beatId": "1ca052b3-0794-4c32-b8f8-c7acd17e67b8", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The executive summary and company overview highlighting the issues", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "This is a research note from Kerrisdale Capital regarding a short thesis on DWAC.", "function": "frame_situation", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 96, "componentCount": 13, "textChars": 3587, "nDataPoints": 8, "notes": "This is a research note from Kerrisdale Capital regarding a short thesis on DWAC.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:19.946+00", "seconds": 10.895, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/4", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "the SEC process to approve the merger is not on a near-term path to a favorable resolution; it has been irrevocably derailed, and the deal is effectively facing termination as the SEC investigation gathers steam.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-696c78efc63a", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.766, "x": 0.117, "y": 0.54 }, "kind": "paragraph", "text": "TMTG has limited operating history, one marginally functioning product, and no revenue. It has no proprietary technology. For reasons explained later in this report, it is highly improbable there is any lasting, binding contractual IP agreement between Trump and TMTG. Nevertheless, TMTG's forecasts breezily call for generating over $1.8bn in just 4 years based on capturing 50% of Twitter's monetizable daily active users and 40% of the Disney+ subscriber base.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2215bd0f-207b-4363-83f5-1d456d421249", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.766, "x": 0.117, "y": 0.405 }, "kind": "paragraph", "text": "TMTG's stated mission is to \"fight for the First Amendment protections and freedom of all Americans, protect democracy, and defend capitalism.\" To do so, TMTG aspires to create \"a media powerhouse\" which disrupts the \"liberal bias and dangerous exercise of tech monopoly censorship\" allegedly practiced by Twitter, Facebook, Netflix, and Google.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d257d0c-084b-4050-8662-678fdda23ee4", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.135 }, "kind": "paragraph", "text": "DWAC is a blank check company (aka Special Purpose Acquisition Company or SPAC) explicitly formed for the purpose of effecting a merger or similar business combination with one or more (theoretically unidentified) business targets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "412e4e47-a7ec-4ebd-8258-0b1ea2b90b26", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.63 }, "kind": "paragraph", "text": "DWAC's merger is still pending regulatory and shareholder approval. In early December 2021, DWAC disclosed that its proposed merger is under investigation by the SEC and that it had received a request for information from FINRA related to trading activity preceding the public announcement of the agreement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56b112b1-ee0d-40e3-b874-d03ea8f03921", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.195 }, "kind": "paragraph", "text": "In early September 2021, DWAC IPO'd at $10 per unit, generating gross proceeds of $287.5m. DWAC wasted little time in applying the newly raised cash, announcing a merger in October 2021 with TMTG, a private entity apparently owned and controlled by former President Donald Trump.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "655e8a9b-851b-4e1b-9153-afa9723b5c0d", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.75 }, "kind": "paragraph", "text": "Despite this mountain of red flags and risks, DWAC shares have continued to outperform in a weak tape for SPACs and speculative growth stocks. At the current price, DWAC's pro forma valuation stands at over $8bn, roughly one third the value of Twitter prior to news of Musk's stake in the platform.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b4b0973-b7af-423f-82f2-3c6b7eb62efe", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.255 }, "kind": "paragraph", "text": "The transaction valued the proposed business combination at $875m, with potential earnouts depending on post-business combination stock price performance, bringing cumulative valuation up to $1.7bn. News of the proposed merger sent DWAC's stock price skyrocketing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89228db8-9290-4134-93b6-d6517a3e9cf9", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.69 }, "kind": "paragraph", "text": "Contrary to the views of bullish (uninformed) retail investors, the SEC process to approve the merger is not on a near-term path to a favorable resolution; it has been irrevocably derailed, and the deal is effectively facing termination as the SEC investigation gathers steam.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f0b8c92-120f-483c-89f9-3bd86edc5ab8", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.766, "x": 0.117, "y": 0.315 }, "kind": "paragraph", "text": "In a move widely attributed to retail meme stock enthusiasm for TMTG, shares of DWAC increased at one point 17x to $175 before settling in the $60 range over the following month. In early December 2021, DWAC seized on this retail interest, announcing a $1bn PIPE investment from a group of unnamed institutional investors with terms that guarantee instant, virtually risk-free returns if the business combination is consummated (much more on this later).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8954af9-96db-4a4a-8fd8-d32fea839540", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.48 }, "kind": "paragraph", "text": "Two technology platforms form the \"foundation\" for TMTG: Truth Social, a Twitter-like social media platform that will be \"catalyzed by the existing Trump universe\" and launched (sort of) in February 2022, and TMTG+, a non-existent on-demand streaming service that will provide \"non-woke\" entertainment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed161187-8a99-41a1-a6b6-45d5b1a77df5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“fight for the First Amendment protections and freedom of all Americans, protect democracy, and defend capitalism.” — TMTG mission statement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-6e44e2ea7b0a", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.235, "x": 0.117, "y": 0.093 }, "kind": "title", "text": "Company Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc551171-0d70-4d24-839a-e925907204d8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem & Complication", "beatId": "1ca052b3-0794-4c32-b8f8-c7acd17e67b8", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The executive summary and company overview highlighting the issues", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Includes a quote from a former SEC official to bolster the bearish thesis.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 11, "textChars": 1246, "nDataPoints": 8, "notes": "Includes a quote from a former SEC official to bolster the bearish thesis.", "elementsJson": [ "valuation_table", "headline_text", "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:12.426+00", "seconds": 3.164, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/5", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "DWAC's ability to close its merger with TMTG is materially threatened along two distinct but inextricably linked regulatory paths: the need to file and have deemed effective an S-4 registration statement regarding the proposed merger with TMTG, and the active SEC investigation in material misstatements contained in DWAC's S-1.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-4b81095328f4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $8,204", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-536e73c184c6", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.75, "x": 0.12, "y": 0.73 }, "kind": "paragraph", "text": "First, it's worth clarifying the misconception that DWAC is somehow facing something less than a serious, active investigation by the SEC...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39556b06-ea81-4533-b289-180aca83f4d0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.12, "y": 0.56 }, "kind": "paragraph", "text": "DWAC's ability to close its merger with TMTG is materially threatened along two distinct but inextricably linked regulatory paths...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63460237-9486-41fb-8909-9c446aea6838", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.16, "y": 0.48 }, "kind": "quote", "text": "There is huge risk the SEC will shut it down.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e13f7c52-de2b-462e-9203-bd60044b2912", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "There is huge risk the SEC will shut it down. — Thomas Gorman, Partner at Dorsey & Whitney, former Senior Counsel, SEC Division of Enforcement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-4ced1836a3d7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.12, "y": 0.37 }, "kind": "source-note", "text": "Source: Company investor presentation, November 2021, Kerrisdale analysis. Assumes full earn out given current share price.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc22f029-a53f-46bb-b5a4-66100a34b8e3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.16, "y": 0.12 }, "kind": "table", "text": "DWAC Share Price $50.00; DWACW Warrant Price $14.91; Class A Common Shares 185; Warrants 15; Common Equity $9,235; Warrants 224; Total Equity Value $9,459; Net Cash (1,254); Enterprise Value $8,204", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a6a2cb4-6b21-418c-a6c1-c69c76dac4eb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.12, "y": 0.44 }, "kind": "title", "text": "S-4 Process Has Been De-Railed and Likely Doomed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e57bc33-9a28-4360-8a6d-66ffdd6ab03e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.16, "y": 0.09 }, "kind": "title", "text": "DWAC-TMTG Pro Forma Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "079a66a2-d8d9-4469-9eff-91802f7e5fda", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.12, "y": 0.69 }, "kind": "title", "text": "The SEC is Actively Investigating DWAC", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d169df5-d97f-49ab-95f1-ac6a08195663", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9b97c4ec-45da-4cc9-9fc2-ac1a8b411043", "evidence": "table/valuation: DWAC Share Price $50.00; DWACW Warrant Price $14.91; Class A Common Shares 185; Warrants 15; Common Equity $9,235; Warrants 224; Total Equity Value $9,459; Net Cash (1,254); Enterprise Value $8,204", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:59:56.290573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "4a0b731d-40a4-4108-abfc-6df8134acbaf", "evidence": "Quote from Thomas Gorman, former Senior Counsel, SEC Division of Enforcement", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:45:12.426+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem & Complication", "beatId": "1ca052b3-0794-4c32-b8f8-c7acd17e67b8", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The executive summary and company overview highlighting the issues", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "This is a research note from Kerrisdale Capital focusing on regulatory risks and SPAC merger delays.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 4, "textChars": 369, "nDataPoints": 0, "notes": "This is a research note from Kerrisdale Capital focusing on regulatory risks and SPAC merger delays.", "elementsJson": [ "paragraph", "headline_text" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.094+00", "seconds": 4.661, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/6", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In short, we believe the SEC's investigation is a serious matter reflecting significant regulatory risk.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-1a160365fd19", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "The text details the nature of SEC investigations, the lack of disclosure in DWAC's filings, and the implications of the delayed S-4 process.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0855c856-679c-483b-b32b-cef895956bda", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "that the average investigation lasts slightly over three years. — SEC data", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-1e99fb140135", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.703 }, "kind": "title", "text": "DWAC's S-4 Process with the SEC Has Not Even Begun", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12a55900-896e-4026-81a6-c79b5db47c64", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "tension", "title": "This is a research note from Kerrisdale Capital criticizing DWAC/TMTG.", "function": "expose_contradiction", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 4179, "nDataPoints": 0, "notes": "This is a research note from Kerrisdale Capital criticizing DWAC/TMTG.", "elementsJson": [ "paragraph", "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:16.028+00", "seconds": 6.493, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/7", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Contrary to DWAC's perpetually future intentions, we believe it has never had any reasonable hope of filing an S-4 that the SEC would allow to go effective.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-3e7fb6a965cb", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.764, "x": 0.118, "y": 0.735 }, "kind": "paragraph", "text": "While presently TMTG could be generously described as a fledgling company with a flawed prototype, prior to and at the time of merger signing – the period the SEC will be most concerned with – TMTG constituted even less, and this in itself is a significant regulatory hurdle. Indeed, in November 2021 – a month after the merger was signed -- TMTG's Investor Presentation essentially admitted that TMTG was no more than a shell company with no or nominal operations, stating that Trump and TMTG \"intend to create a media and technology company rooted in social media...\"(Emphasis added.) The presentation noticeably excludes mention of senior management as the current CEO and COO of TMTG were only named in December 2021, two months after the merger was signed. One of the main benefits oft cited for SPACs is the vehicle's ability to provide public investors earlier access to emerging growth companies. Accelerating a company's development through access to the public markets is one", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01b40f59-0c36-438e-9251-f8c9fb0bb174", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.764, "x": 0.118, "y": 0.268 }, "kind": "paragraph", "text": "The answer becomes all too clear in DWAC's 10-K, filed on April 13, 2022 – by its own admission, DWAC has not filed any S-4 (confidential or otherwise) with the SEC. The company repeatedly claims that it \"intends to file with the SEC the Form S-4, which will include a preliminary proxy statement of the Company, and a prospectus in connection with the proposed Merger...please see the Form S-4 which the Company intends to file after the filing of this [10-K].\" Bullish investors may take (unwarranted) comfort in DWAC's most recently disclosed intentions regarding this long-awaited filing. We remain, however, highly skeptical. The same cheap promise was included in DWAC's 3Q 10-Q: For more information, \"please see the Form S-4 which the company intends to file after the filing of this Quarterly Report\").", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a270e41-b62c-42cd-9ee2-bda082fe6c82", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.141 }, "kind": "paragraph", "text": "SPACs are permitted to submit one confidential S-4 during their first year of existence. Noting this, DWAC CEO Patrick Orlando had hinted at the possibility that DWAC has at least initiated the process, but his lack of transparency on the matter should have given investors pause. Though there is no obligation to disclose whether a filing has been made, it is common SPAC industry practice to voluntarily issue press releases to update shareholders and signal that the regulatory process is proceeding comfortably apace. After all this time, if an S-4 had been filed confidentially, why not assuage anxious investors that this important step has been taken?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74d8fbef-e938-40b3-9a44-e60c453e2595", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "operations). Yet here we are, six months later and counting, without DWAC filing any S-4, an obvious sign of the seriousness of the SEC investigation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82be292b-ed3f-4722-969b-2f7ca7076c73", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.764, "x": 0.118, "y": 0.445 }, "kind": "paragraph", "text": "Contrary to DWAC's perpetually future intentions, we believe it has never had any reasonable hope of filing an S-4 that the SEC would allow to go effective. Unlike periodic reports – which as a rule need not include disclosures regarding SEC investigations – offering documents such as an S-4 and related proxy materials must include all information that might be material to a would-be investor's decision to participate in the offering – including fulsome information about any open SEC investigations. Given the facts as we know them, filing an S-4 that publicly discloses details of an investigation might expose DWAC's insiders, as well as certain highly prominent individuals, to meaningful legal risk. In addition, and quite aside from SEC concerns, we know (from the S-4 filed by an affiliate of DWAC's sister SPAC) that as of late August 2021, TMTG lacked audited financials and other key contracts. All of these items are necessary for an acceptable S-4. Given that in the past six months, DWAC hasn't made a single filing containing substantive information about TMTG, investors who think the necessary filing will miraculously soon appear and address all the substantial issues of securities law and disclosures in one fell swoop are delusional.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3062564-d2fc-40aa-b4a8-24e4243b6810", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "TMTG 'intend to create a media and technology company rooted in social media...' — TMTG Investor Presentation", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-43cd2dcb7eef", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.695 }, "kind": "title", "text": "TMTG Was a Bogus Media Company at Merger Announcement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f9cd2b3-dd74-493d-b7e9-6edddf7ce224", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Villain Critique", "beatId": "a18ccd65-7f5a-4772-aee4-9483ab93ccc3", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The critique of TMTG's media business and technology team", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "This slide is part of a short-selling research note by Kerrisdale Capital, focusing on the lack of business fundamentals in TMTG.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 6, "textChars": 967, "nDataPoints": 0, "notes": "This slide is part of a short-selling research note by Kerrisdale Capital, focusing on the lack of business fundamentals in TMTG.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:12.136+00", "seconds": 2.548, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/8", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "TMTG's utter lack of legitimate business indicia puts its merger with DWAC squarely in the latter group, rendering the task of filing an S-4 the Commission will find adequate, extremely difficult.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-51e622620790", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.38 }, "kind": "list", "text": "Customers; Working product(s); Executive team with relevant experience; Developers to fully build out a social media app; Infrastructure; Corporate infrastructure; Financial history; Cash resources; Corporate headquarters; Valuable IP or patents", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd0941ae-6e4c-42f6-8f14-045d7c0c7d62", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.12 }, "kind": "paragraph", "text": "The SPAC boom of the past two years has resulted in so many publicly traded rocket launch companies that fail to reach orbit and truck companies that don't roll...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "774e9630-f23b-4070-94c5-4dce96749f40", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.76, "x": 0.12, "y": 0.6 }, "kind": "paragraph", "text": "Any argument that TMTG derives value by virtue of securing Trump IP, is speculative and highly improbable given certain provisions of the merger agreement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2eefc8a-7e1a-4943-93cd-17a6405e64f5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“the controversial nature of being associated with the Company Principal [defined as former President Donald J. Trump] and the Company Principal's family.” — DWAC merger agreement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-55bd58270019", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.12, "y": 0.81 }, "kind": "title", "text": "Who is Building Truth Social?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "332c8ca1-2c95-41b5-98a0-1f1f81b60aa8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c02e4480-e568-4e31-a5a3-83b12873e8e1", "evidence": "The slide systematically deconstructs the business viability of TMTG by highlighting its lack of assets and questionable IP.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:45:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Villain Critique", "beatId": "a18ccd65-7f5a-4772-aee4-9483ab93ccc3", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The critique of TMTG's media business and technology team", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "The slide uses a 'villain_critique' approach to undermine the credibility of the company's management team disclosure.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 5, "textChars": 377, "nDataPoints": 0, "notes": "The slide uses a 'villain_critique' approach to undermine the credibility of the company's management team disclosure.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:12.946+00", "seconds": 3.09, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/9", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The identities of every member of the “Technology Team” have been obfuscated in the presentation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-eed1373394c1", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "image", "text": "Org chart of team members and logos of prior experience companies", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Infographic", "slug": "infographic", "status": "active", "canonId": "019de52c-fe26-750c-9d7d-9f34e21324e8", "version": 1, "description": null }, "framework": null }, "subkind": "infographic", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "380733cc-0bc7-4653-a19c-c55433032b48", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.76, "x": 0.12, "y": 0.6 }, "kind": "paragraph", "text": "The identities of every member of the “Technology Team” have been obfuscated in the presentation. The slide omits each person’s last name.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "625dc75d-e23a-4add-92f1-944a9ddbf779", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.12, "y": 0.575 }, "kind": "source-note", "text": "Source: DWAC investor presentation November 2001.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c066418-f0da-41a7-bcd4-e5d5c2c7c50c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.34, "x": 0.33, "y": 0.228 }, "kind": "title", "text": "TMTG Technology Team (Maybe)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:12.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71cbb0ea-0525-4227-b0bd-cd14669e7bca", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9a8d5ad8-df57-463b-a71d-2b388176de14", "evidence": "The slide frames the TMTG management team as an opaque, unreliable entity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:12.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Villain Critique", "beatId": "a18ccd65-7f5a-4772-aee4-9483ab93ccc3", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The critique of TMTG's media business and technology team", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "The slide uses a narrative approach to link past regulatory actions against ARC Global to the current DWAC situation.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 7, "textChars": 2591, "nDataPoints": 0, "notes": "The slide uses a narrative approach to link past regulatory actions against ARC Global to the current DWAC situation.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.043+00", "seconds": 4.115, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/10", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A stop order would effectively end any hopes of closing the deal.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-b9e0532012b9", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.13 }, "kind": "paragraph", "text": "While the SEC does not have authority to directly block a merger, it regularly accomplishes the same outcome through a Stop Order proceeding. When a company makes numerous material misstatements and omissions on a registration statement (i.e., S-1 or S-4) relating to (1) the identities of officers, directors, promoters, et al., (2) related party transactions, and/or (3) the nature of their operations, a Stop Order can suspend the effectiveness of that registration statement, thereby blocking the sale or issuance of shares to the public.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22162fe7-aa96-4d0c-a5a5-8822d724da4e", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.475 }, "kind": "paragraph", "text": "The cast of characters at ARC Global who had their shell companies terminated by the SEC in 2017 are the exact same ones who now have their fingerprints all over DWAC and its pending merger. Not only does the SEC have the capability to effectively kill the merger, but it also has reason to be particularly aggressive in its adjudication given the recidivist nature of the participants. An effective S-4, already made difficult given the shell company nature of TMTG, is further complicated by the SEC's ongoing investigation into DWAC's S-1, the circumstances leading up to the proposed merger, and misstatements that jeopardize DWAC's very corporate existence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d599183-f406-46de-b2a6-b4e20918429d", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.36 }, "kind": "paragraph", "text": "An effective S-4 registration statement is a closing condition under the terms of the merger agreement and the PIPE financing. A stop order would effectively end any hopes of closing the deal. As a practical matter, however, we believe it just as likely DWAC never files an S-4 in the first place. As Charles Whitehead, professor of business law at Cornell Law School explains, \"You don't want a stop order because it's such a black mark. Normally, if there is an irreconcilable difference with the SEC, you withdraw your registration statement.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "daede623-9e2c-4415-91fd-2bf29b503196", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.245 }, "kind": "paragraph", "text": "As we later detail, ARC Group, a Shanghai-based sponsor and adviser behind DWAC (and BCAC), has a history of creating and financing shell companies that run afoul of SEC rules. In the 2017 stop orders that killed three ARC Global companies, among a host of other misrepresentations and omissions regarding the identities and affiliations of the individuals involved, the agency specifically cited gross misstatements of the true nature and scope of the entities, which were actually just shell companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f20e26e5-e23d-44b7-b676-6132ac7aebfa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "You don't want a stop order because it's such a black mark. Normally, if there is an irreconcilable difference with the SEC, you withdraw your registration statement. — Charles Whitehead, professor of business law at Cornell Law School", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-bf24c367f2ea", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.42, "x": 0.117, "y": 0.095 }, "kind": "title", "text": "The SEC Can Effectively Kill the Deal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31643168-bc9a-4e66-9601-23f2d43c9184", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 14, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "02f5beba-4521-488d-9114-ee3415f3b08d", "evidence": "The discussion of the SEC's authority and motive to block the merger", "position": 0, "objective": "What are the consequences of not blocking the merger?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.007609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "appendix", "title": "The slide uses a narrative approach to expose potential conflicts of interest and regulatory red flags.", "function": "name_villain", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 12, "textChars": 3359, "nDataPoints": 0, "notes": "The slide uses a narrative approach to expose potential conflicts of interest and regulatory red flags.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.955+00", "seconds": 4.594, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/11", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The many distinct but overlapping positions that Orlando holds at DWAC, BCAC and related investment groups are a pivotal factor in assessing the regulatory risk surrounding the circumstances of the proposed DWAC-TMTG merger.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-9ec11c08b6fb", "parentComponentId": null }, { "bbox": { "h": 0.082, "w": 0.735, "x": 0.147, "y": 0.334 }, "kind": "list", "text": "In addition to serving as the Chairman and CEO of the two SPACs discussed above, Orlando is also the CEO of an entity named Benessere Capital LLC; the director and/or \"Special Advisor\" to at least three other blank check companies; and the managing member of Benessere Investment Group LLC, a company which focuses on creating and managing SPACs, including both BCAC and DWAC.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aead34e-3f0b-4b28-b926-3bf2f242758a", "parentComponentId": null }, { "bbox": { "h": 0.047, "w": 0.735, "x": 0.147, "y": 0.277 }, "kind": "list", "text": "Orlando is also Chairman and CEO of another SPAC, Benessere Capital Acquisition Corp. (BCAC). ARC Global Investments, LLC, again with Orlando acting as its Managing Member, acts as BCAC's Sponsor in all respects.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84168aa0-644e-4a74-afc9-133674323478", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.735, "x": 0.147, "y": 0.232 }, "kind": "list", "text": "Orlando is the Chairman and CEO of DWAC. Orlando also serves as Managing Member of DWAC's Sponsor, ARC Global Investments II, LLC.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d038243-be94-496e-87b7-350cb70930d4", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.183 }, "kind": "paragraph", "text": "At the center of the \"robust mélange of dubious entities\" involved in the DWAC-TMTG proposed merger is Patrick Orlando. Among multiple job titles:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16e4e5fd-2678-4f8b-81ab-3d297d83575c", "parentComponentId": null }, { "bbox": { "h": 0.047, "w": 0.764, "x": 0.118, "y": 0.426 }, "kind": "paragraph", "text": "The many distinct but overlapping positions that Orlando holds at DWAC, BCAC and related investment groups are a pivotal factor in assessing the regulatory risk surrounding the circumstances of the proposed DWAC-TMTG merger (See: Appendix I for a diagram of Orlando related entities).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0bd736e-c927-4f25-a4a2-0cc324bddb57", "parentComponentId": null }, { "bbox": { "h": 0.177, "w": 0.764, "x": 0.118, "y": 0.678 }, "kind": "paragraph", "text": "ARC Capital was a Chinese investment bank and financial services firm founded in 2015 by CEO Abraham Cinta, a Mexican national, with help from colleagues and current ARC Managing Partners, Carlos Lopez and Jesus Emilio Hoyos Quintero. In 2015 and 2016, ARC Capital tried to orchestrate IPOs in the U.S. for at least three companies. Cinta's approach to bringing companies public in the U.S. is captured in a Washington Post interview. According to former ARC employees, \"Cinta often remarked that U.S. securities regulators were generally looser with rules around registering public companies than Chinese and Hong Kong Regulators, so it would be easier to take unproven, early-stage businesses public.\" It was therefore likely to ARC's dismay that the SEC concluded that the three companies egregiously lacked even basic indicia of credibility or legitimacy, and in 2017, the agency obtained stop orders suspending their registration statements; in short, the SEC killed the three companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee862681-c91c-4e1d-9f10-41ccbc9699e6", "parentComponentId": null }, { "bbox": { "h": 0.106, "w": 0.764, "x": 0.118, "y": 0.562 }, "kind": "paragraph", "text": "ARC Group-related entities are sponsors for both DWAC and BCAC. That is not mere coincidence. ARC-related individuals and entities pervade a variety of facets of the relevant blank check companies, their management, their financial advisor, their sponsor, the merger transaction, the underwriter, and so on. Reliable information about ARC and its affiliates is not easily located; however, piecing together bits of information from sometimes obscure sources (as the SEC is in its ongoing investigation) reveals a fairly clear picture of a multi-tentacled entity with elements of control over the companies and transactions involved with DWAC.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4ed0ccb-3367-4ccd-a858-1d1e349869ff", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Cinta often remarked that U.S. securities regulators were generally looser with rules around registering public companies than Chinese and Hong Kong Regulators, so it would be easier to take unproven, early-stage businesses public. — Washington Post interview", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-a2301c1974b8", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Key Players in the Proposed DWAC-TMTG Merger", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caf7ec41-fb93-47c6-adf3-db0295b2d67d", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.175, "x": 0.118, "y": 0.523 }, "kind": "title", "text": "50 Shades of ARC", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91695346-e767-4309-84a2-6f4cd12447dc", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.325, "x": 0.118, "y": 0.144 }, "kind": "title", "text": "Patrick Orlando and his Many Roles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.955+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c871079a-6ab3-49f7-b2be-7e8a5f6f8511", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 14, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "02f5beba-4521-488d-9114-ee3415f3b08d", "evidence": "The discussion of the SEC's authority and motive to block the merger", "position": 0, "objective": "What are the consequences of not blocking the merger?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.007609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "tension", "title": "This is a text-heavy research note slide focusing on investigative findings regarding corporate relationships.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 844, "nDataPoints": 0, "notes": "This is a text-heavy research note slide focusing on investigative findings regarding corporate relationships.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:13.588+00", "seconds": 3.183, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/12", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "When EF Hutton Talks, People (Shouldn’t) Listen", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-8e5bb83b59f7", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.245 }, "kind": "paragraph", "text": "BCAC and DWAC have more than ARC and Orlando in common, they also share a banking relationship with EF Hutton. This is not the EF Hutton that became a household name in finance in the 1970s and 1980s. EF Hutton is an investment bank...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.588+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c5d04f6-ecbc-4610-8de1-db92675912ac", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "By 2020, ARC Capital’s Management Team consisted of 12 people. Notably, at the time, Orlando was listed as a “Senior Advisor” and a member of the ARC Capital Management Team. Since then, we sense that ARC and/or Orlando have tried to downplay that fact...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.588+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bae504d-af59-4f71-963f-6392b0338240", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.475 }, "kind": "paragraph", "text": "ARC Group’s affiliation with EF Hutton, purportedly an independent underwriter and financial advisor, is not merely speculation on our part. In connection with a federal lawsuit in New York, a company that was dissatisfied with its former investment advisor...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.588+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9966b02b-8815-4ce8-84b7-84f547dde5b4", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.45, "x": 0.118, "y": 0.203 }, "kind": "title", "text": "When EF Hutton Talks, People (Shouldn't) Listen", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.588+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e26b31e7-ac03-4b9f-a707-a26de880c5eb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Expose Contradiction", "beatId": "077b76b9-5794-4341-aa90-26d11215b194", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The exposure of undisclosed conflicts and regulatory non-compliance", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "02f5beba-4521-488d-9114-ee3415f3b08d", "evidence": "The discussion of the SEC's authority and motive to block the merger", "position": 0, "objective": "What are the consequences of not blocking the merger?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.007609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "Includes a direct excerpt from a court filing (Case No. 1:21-cv-02279-JPC) to support the claim of undisclosed conflicts.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 8, "textChars": 984, "nDataPoints": 1, "notes": "Includes a direct excerpt from a court filing (Case No. 1:21-cv-02279-JPC) to support the claim of undisclosed conflicts.", "elementsJson": [ "headline_text", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.161+00", "seconds": 3.684, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/13", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In light of the symbiotic relationship between EF Hutton and ARC Group, one wonders if it is little more than ARC's puppet?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-2f6fd11d64d7", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.5, "x": 0.12, "y": 0.12 }, "kind": "image", "text": "Excerpt from court filing", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35621da7-9e7c-4422-a431-3f196eb250a2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.12, "y": 0.45 }, "kind": "paragraph", "text": "If true, the allegations that ARC Capital and/or Cinta actually have ownership in EF Hutton reveal a conflict of interest...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "313d8721-83d8-435c-85b6-fc3ee901a3b6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.12, "y": 0.76 }, "kind": "paragraph", "text": "According to long-standing, unambiguous SEC regulations, a “blank check company” (in other words, a SPAC) is defined in relevant part as: “a development stage company that has no specific business plan or purpose...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d96b1cd-0426-492e-9ba9-ffff5ee8d4fa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.12, "y": 0.66 }, "kind": "paragraph", "text": "Despite TMTG’s new CEO’s cheery assurances that everything is going along swimmingly, and Orlando’s generally upbeat statements about DWAC in a recent interview, the reality is that DWAC, its officers and directors, and its affiliates (such as EF Hutton) are in legal peril.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ada9d4f5-0829-455a-b0fd-4195728cea1d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "At all relevant times, Mr. Cinta was an undisclosed owner and/or agent of Kingswood. — Case No. 1:21-cv-02279-JPC, US District Court, Southern District of New York.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-33b1ca48eaf5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.12, "y": 0.62 }, "kind": "title", "text": "DWAC’s Path to Merge with TMTG", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11302462-cb27-49a2-9a0d-a5f14c8f9b4a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.17, "y": 0.09 }, "kind": "title", "text": "Is ARC an Owner of EF Hutton?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "564f1982-5449-4099-934b-a31114bbb849", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6b455b7d-7688-4513-aba9-a9cbdf127afb", "evidence": "Uses court filings to expose potential conflicts of interest and regulatory violations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:14.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 15, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Expose Contradiction", "beatId": "077b76b9-5794-4341-aa90-26d11215b194", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The exposure of undisclosed conflicts and regulatory non-compliance", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "02f5beba-4521-488d-9114-ee3415f3b08d", "evidence": "The discussion of the SEC's authority and motive to block the merger", "position": 0, "objective": "What are the consequences of not blocking the merger?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.007609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses a narrative structure to build a case of regulatory misrepresentation by highlighting the overlap between DWAC's IPO process and TMTG merger disc", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 6, "textChars": 1090, "nDataPoints": 2, "notes": "The slide uses a narrative structure to build a case of regulatory misrepresentation by highlighting the overlap between DWAC's IPO process and TMTG merger discussions.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:13.506+00", "seconds": 2.945, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/14", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "DWAC's S-1 disclosures consistently and unambiguously state that DWAC had not \"selected any specific business combination target\" and had \"not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-06a9b8322df1", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.157, "x": 0.06, "y": 0.038 }, "kind": "image", "text": "KerrisdaleCapital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "300ec574-400f-47cc-93bc-66dfdff8df0f", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "Predictably, DWAC's S-1 disclosures consistently and unambiguously state that DWAC had not “selected any specific business combination target” and had “not, nor has anyone on our behalf, engaged in any substantive discussions...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd1d352d-ae06-4134-8ee6-2c21d10e1bb7", "parentComponentId": null }, { "bbox": { "h": 0.635, "w": 0.764, "x": 0.118, "y": 0.257 }, "kind": "paragraph", "text": "For reasons that are well-known... on or about January 8, 2021, Twitter permanently closed Trump's account... In February 2021, TMTG was formally incorporated... In March 2021, Orlando and Trump were discussing a merger... In May 2021, Orlando was formally appointed Chairman and CEO of DWAC, and on May 25, 2021, DWAC filed its initial S-1...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6c49795-8d13-4936-915b-66733e1f66a3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Big Tech” (Facebook, Twitter, and others) has unilaterally and unacceptably silenced conservative voices. — Donald Trump", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-0898c1747c8b", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.696, "x": 0.118, "y": 0.222 }, "kind": "title", "text": "Key Events Leading up to the Merger Announcement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf8c405a-37cf-48b7-bce0-bcd018027571", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e34b6c86-cf86-4e35-bc01-94280cc08427", "evidence": "The slide systematically contrasts official regulatory filings with a timeline of events to demonstrate a material misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:13.506+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 15, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Expose Contradiction", "beatId": "077b76b9-5794-4341-aa90-26d11215b194", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The exposure of undisclosed conflicts and regulatory non-compliance", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 14, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "02f5beba-4521-488d-9114-ee3415f3b08d", "evidence": "The discussion of the SEC's authority and motive to block the merger", "position": 0, "objective": "What are the consequences of not blocking the merger?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.007609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "This is a text-heavy research note slide detailing a timeline of events to suggest potential misconduct.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 4266, "nDataPoints": 0, "notes": "This is a text-heavy research note slide detailing a timeline of events to suggest potential misconduct.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:15.101+00", "seconds": 4.453, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/15", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The fact that BCAC's purported discussions with TMTG concluded exactly one week before DWAC had its IPO seems too convenient to be a coincidence.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e58-1fa7f23e8ba8", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.764, "x": 0.118, "y": 0.795 }, "kind": "paragraph", "text": "Post-IPO, DWAC's rush to get a fully executed merger agreement signed with TMTG is almost palpable. (And understandable, given reports that Trump was considering multi-million dollar offers to become the marquee name associated with several alternative right-leaning social media companies instead of trying to launch his own.) On September 27, 2021 – just 19 days after DWAC's IPO – Orlando and Trump sign an LOI reflecting plans to merge TMTG and DWAC. Less than a month later, on October 20, 2021, exactly six weeks after DWAC had its IPO, Orlando and Trump met in Florida and signed the definitive DWAC-TMTG merger agreement. Again, it strains credulity to think that Orlando could accomplish all that in just six weeks, without the benefit of the months-long process that BCAC allegedly had just completed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17003f24-50d0-409a-9dbc-d787337a3b6a", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.955 }, "kind": "paragraph", "text": "The only defense to allegations that DWAC misled in its S-1 that we have come across so far comes from TMTG's then-Chief Legal Officer who had said that the April 2021 video conference was \"strictly discussions between Trump Media and [BCAC], another SPAC that Mr. Orlando ran. Any reference to the contrary is false and defamatory[.]\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24357226-1910-4147-b8c2-a1117643b756", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.435 }, "kind": "paragraph", "text": "The inclusion of this added disclaimer is puzzling and a potential red herring. It seems subsumed within DWAC's earlier, broader statement that it had not selected any specific merger target and had not, directly or indirectly, engaged in any substantive discussions with any merger target. By saying, \"We haven't been in contact with anyone at all, and we definitely haven't been in contact with TMTG,\" it seems as though DWAC doth protest too much, implying that perhaps it was growing concerned about its pre-IPO contact with TMTG.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae1eefe7-1e6e-4ee2-9d1a-f937ea540201", "parentComponentId": null }, { "bbox": { "h": 0.175, "w": 0.764, "x": 0.118, "y": 0.255 }, "kind": "paragraph", "text": "On August 10, 2021, DWAC filed its third amended S-1. In addition to the \"no discussions with target companies\" language quoted above, DWAC inserted for the first time an additional, very unusual statement: We have not contacted any of the prospective target businesses that [BCAC] or [Orlando's third SPAC] had considered and rejected. We do not currently intend to contact any of such targets; however, we may do so in the future if we become aware that the valuations, operations, profits or prospects of such target business, or the benefits of any potential transaction with such target business, would be attractive. (p.7)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6a49f8a-a09d-4860-9dbf-2fb8b703c3f8", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.575 }, "kind": "paragraph", "text": "During the summer of 2021, Orlando and his SPAC factory team were occupied with much more than DWAC's IPO filings. According to BCAC's affiliate's S-4, from early June through late August 2021, BCAC (which Orlando controlled and oversaw in every meaningful way) purportedly conducted due diligence on TMTG and even began drafting a definitive merger agreement. Effective September 1, 2021, however, BCAC terminated negotiations with TMTG. The fact that BCAC's purported discussions with TMTG concluded exactly one week before DWAC had its IPO seems too convenient to be a coincidence. This fact, combined with our understanding that both BCAC and DWAC were entirely subject to Orlando's control, implies Orlando may have used BCAC and its alleged activities as a placeholder of sorts, to disguise the fact that DWAC was essentially engaged in prohibited merger negotiations prior to its IPO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce749d7d-b1fd-41ec-8f59-7dc9732de4dd", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "In July 2021, DWAC twice amended its S-1. Notably, DWAC's second S-1, filed on July 8, 2021, announced without explanation a new, more ambitious IPO goal of $300-$350 million, presumably to satisfy TMTG's needs. Predictably, each DWAC filing repeated the same statement that DWAC had \"not selected any specific business combination target and ... ha[d] not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4a1b37a-1bb3-45d2-810e-880c9fd13965", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We have not contacted any of the prospective target businesses that [BCAC] or [Orlando's third SPAC] had considered and rejected. We do not currently intend to contact any of such targets; however, we may do so in the future if we become aware that the valuations, operations, profits or prospects of such target business, or the benefits of any potential transaction with such target business, would be attractive. — DWAC S-1 Filing", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e58-21a19d1a643d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 12, "name": "Expose Contradiction", "beatId": "077b76b9-5794-4341-aa90-26d11215b194", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The exposure of undisclosed conflicts and regulatory non-compliance", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "This is a text-heavy research note slide from Kerrisdale Capital arguing against the legitimacy of the DWAC-TMTG merger.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 6, "textChars": 1097, "nDataPoints": 0, "notes": "This is a text-heavy research note slide from Kerrisdale Capital arguing against the legitimacy of the DWAC-TMTG merger.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:13.601+00", "seconds": 2.79, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/16", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Surely even the most bullish investors must understand that the suspension of DWAC's S-1 registration statement likely eliminates the possibility of a DWAC-TMTG merger.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-9e9972fd93d8", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "We respectfully disagree. Any argument that Orlando’s apparently ongoing merger negotiations with TMTG from February through September 2021 were only with BCAC and not with pre-IPO DWAC, and thus not illegal, ignores reality...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad92fbef-0343-40b4-91cd-2f18f7abcee5", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "We believe that such is the case with DWAC’s S-1 registration statement. The SEC has emphasized, in a decision with which ARC is surely familiar, that the 'essential purpose of [a registration statement] is to protect investors...'", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef5e87bc-d22f-48ce-98b2-96d6a56a54dc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "Making materially false or misleading disclosures in SEC filings violates the anti-fraud provisions of the federal securities laws; unsurprisingly, the SEC routinely expects companies to 'correct [a] prior disclosure...'", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efd0a472-1667-4ba2-b669-0a069881040a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "the \"essential purpose of [a registration statement] is to protect investors by promoting full disclosure of information thought necessary to informed investment decisions.\" — SEC decision", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-a39460bda647", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.36 }, "kind": "title", "text": "Suspension of S-1 Would Eliminate Possibility of Closing Merger", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:13.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4571aeec-bfbc-46b3-95c6-cabf44705542", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b3bb8e68-4c6a-4cf5-912d-778a81ad511a", "evidence": "The slide explicitly addresses and refutes potential counter-arguments regarding the legality of merger negotiations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:13.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 19, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 16, "name": "Preempt Rebuttal", "beatId": "f33948a6-2c16-404d-aa22-4bb470ad8d43", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The anticipation and rebuttal of potential counterarguments", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "Kerrisdale Capital research note criticizing Truth Social's operational performance.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 8, "textChars": 930, "nDataPoints": 11, "notes": "Kerrisdale Capital research note criticizing Truth Social's operational performance.", "elementsJson": [ "headline_text", "paragraph", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:16.894+00", "seconds": 5.862, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/17", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "After the initial buzz surrounding the much-anticipated launch in mid-February, download activity has plummeted.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-cf6897d5f16d", "parentComponentId": null }, { "bbox": { "h": 0.225, "w": 0.395, "x": 0.118, "y": 0.365 }, "kind": "chart", "text": "Truth Social Download Activity", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ee795c8-f33a-401b-ba53-d5c7923f8d1b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "daily downloads: 17,110", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-d5dffb7f5b37", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.63 }, "kind": "paragraph", "text": "After the initial buzz surrounding the much-anticipated launch in mid-February, download activity has plummeted. According to Sensor Tower, as of April 18th, Truth Social is not among the top 200 most downloaded free apps across all categories in Apple’s App store and ranks 30th among social networking apps.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "041236ef-b86c-4644-a1f0-b71b39d13b3f", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.158 }, "kind": "paragraph", "text": "Truth Social's beta launch has been a well-publicized comedy of errors. A catalogue of technology mistakes have plagued the amateurish rollout, including: violations of its core software license, missed deadlines, embarrassing security breaches, lengthy system outages, glitchy performance, and a stalled waiting list.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53f98b26-f489-40a9-a596-0afbe48ef938", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"digital tumbleweeds\" — Unnamed article", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e56-d29e07d038f7", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.25, "x": 0.118, "y": 0.605 }, "kind": "source-note", "text": "Source: Statista.com, March 22, 2022.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0847c0a7-cfa6-4d90-970b-ffc41d907dcb", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Botched Truth Social Launch a Sign of Further Challenges Ahead", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c535ea8-3e16-4c66-b202-fefd81e4f57b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 19, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 16, "name": "Preempt Rebuttal", "beatId": "f33948a6-2c16-404d-aa22-4bb470ad8d43", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The anticipation and rebuttal of potential counterarguments", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "The slide uses a line chart to show declining app store rankings as evidence of poor performance.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 9, "textChars": 1358, "nDataPoints": 1, "notes": "The slide uses a line chart to show declining app store rankings as evidence of poor performance.", "elementsJson": [ "headline_text", "line_chart", "footnote", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.998+00", "seconds": 3.897, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/18", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "DWAC has forecast Truth Social users to grow to 81m by 2026 based solely on a 2021 Morning Consult/Politico poll of registered voters.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-65d9f189c382", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.74, "x": 0.13, "y": 0.14 }, "kind": "chart", "text": "Daily Category Rankings of iPhone Social Networking Apps in the US", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15318200-5737-42b9-bf5c-372a18df63b8", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.84 }, "kind": "paragraph", "text": "DWAC has forecast Truth Social users to grow to 81m by 2026 based solely on a 2021 Morning Consult/Politico poll of registered voters. Basing a critical, long-term input on a singular survey is deeply flawed for several obvious reasons.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1496aac9-5355-43f2-b7b6-87bf7f0c82b9", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "It’s also worth remembering that while merger approval is still pending, none of the cash held in trust at DWAC nor the PIPE is available to TMTG. Continued delays in the regulatory process that stall the receipt of capital will hamper the development path.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "847dceb4-3ba3-499e-a264-61f8af6a8d4a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "The hiccups witnessed with Truth Social’s launch have been extraordinary. Hacked even before launching? A waiting list of a million? A heavily promoted app is supposed to use a waiting list to build hype, not infuriate potential new users.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0a83a44-1c74-47a5-a5bc-eae68443568a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "Perhaps most puzzling for Truth Social fans is that Trump himself is not using the site. The former President has only posted once, urging users to “Get Ready!” for his arrival to the site weeks ago. It’s been crickets since.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc8223fe-ef35-4d33-9a17-4ffe0ebb8a38", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.13, "y": 0.34 }, "kind": "source-note", "text": "Source: Sensor Tower. Daily Category Rankings of iPhone Social Networking Apps in the US, accessed April 25, 2022.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bccd9b2-4caa-4a80-af33-d380efbcf1f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "title", "text": "Projections Underwritten by Flimsy Assumptions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93b7622e-9142-4045-a403-ef7d39d36838", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.64, "x": 0.18, "y": 0.11 }, "kind": "title", "text": "Truth Social – Social Networking Rankings", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48cd559b-a3d9-45ae-87ba-ace5d744fbf1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 19, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 16, "name": "Preempt Rebuttal", "beatId": "f33948a6-2c16-404d-aa22-4bb470ad8d43", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The anticipation and rebuttal of potential counterarguments", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "This is a text-heavy research note page from Kerrisdale Capital.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 8, "textChars": 1325, "nDataPoints": 8, "notes": "This is a text-heavy research note page from Kerrisdale Capital.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:18.109+00", "seconds": 7, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/19", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The PIPE's structure belies an effort to capitalize on retail interest in TMTG, while downplaying the financial, regulatory, and reputational risk associated with such a commitment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e58-78cad59d3bb3", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "Second, a record 158m votes were cast in the 2020 elections. The only way to arrive anywhere near 81m users by 2026 based on voter registrations would be to take the Politico survey's responses at face value...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:18.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0facee9d-23f6-49f6-9406-abfce616aa11", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "TMTG+ assumptions are equally baseless. The forecast conjures up a figure of 40m subscribers by 2026... Netflix spent $17 billion dollars on content in 2021. Much more than a $1bn PIPE will be needed to realize TMTG+ projections.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:18.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61381fec-56af-4e58-8ae3-d09e641b9f71", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "paragraph", "text": "Private investment in public equity (PIPE) financing is a common feature of SPAC deals... PIPE financing announcements usually accompany announcement of the merger itself. However, DWAC's mammoth $1bn PIPE financing was announced on December 4...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:18.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a556854-fc59-4515-9a53-98fd9716a615", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "Politico stated its recent survey showed Truth Social enjoyed more public backing than Trump's last social media venture... It failed miserably. The website received just 4 million visitors...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:18.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e43a03c6-d879-46d4-ae6a-d4b4b1c8cbc5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "From the Desk of Donald J. Trump — Politico", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e58-7f8cbb74920a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.94 }, "kind": "source-note", "text": "Bloomberg columnist, Matt Levine, has written extensively on the unusual nature of the DWAC PIPE in his Money Stuff column and we encourage shareholders to read his work.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:18.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "248d03ae-bf74-4629-83e7-7124476f577e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.76 }, "kind": "title", "text": "PIPE Terms Will Leave Retail Investors Holding the Bag", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:18.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e059e1a3-8c6b-44bc-9a85-0337e5d47652", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 19, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 16, "name": "Preempt Rebuttal", "beatId": "f33948a6-2c16-404d-aa22-4bb470ad8d43", "matchId": "7a73f4a0-0834-4de1-8488-5e236c1d4163", "beatType": null, "evidence": "The anticipation and rebuttal of potential counterarguments", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "The slide uses a narrative structure to expose the 'sordid' nature of the PIPE deal, framing it as a mechanism for institutional profit at the expense of retail", "function": "expose_contradiction", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 1724, "nDataPoints": 6, "notes": "The slide uses a narrative structure to expose the 'sordid' nature of the PIPE deal, framing it as a mechanism for institutional profit at the expense of retail investors.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:15.699+00", "seconds": 4.075, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/20", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The conversion price and resale rights are designed to allow institutions involved in the PIPE to buy stock at a steep discount and instantly flip it to retail investors for minimal risk.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-f80d11df2c4d", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.77, "x": 0.118, "y": 0.75 }, "kind": "paragraph", "text": "The sordid situation of DWAC, TMTG, ARC Global, EF Hutton, PIPE investors, et al., with their inherent and inextricable conflicts of interest, underscores a key problem with the whole SPAC industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17cafbce-f78e-4cb1-bac6-7a9e4ce46d70", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.77, "x": 0.118, "y": 0.445 }, "kind": "paragraph", "text": "The conversion price and resale rights are designed to allow institutions involved in the PIPE to buy stock at a steep discount and instantly flip it to retail investors for minimal risk.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1973aeb5-9cb1-49a7-985a-739fac690625", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.77, "x": 0.118, "y": 0.163 }, "kind": "paragraph", "text": "The pricing of the PIPE is also very unusual. Per the release: The per-share conversion price of the fully committed convertible preferred stock PIPE transaction represents a 20% discount to DWAC's volume-weighted average closing price...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95bd5e09-996e-4a36-9d78-5a923830c9e2", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.77, "x": 0.118, "y": 0.565 }, "kind": "paragraph", "text": "PIPE investors are effectively acting as well-compensated intermediaries, a role that the SEC may find as drawing concerning parallels to that of an underwriter.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c2d4b3c-55ac-40cd-b311-e7a32c3cfbad", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.77, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "institutional investors to profit with limited risk and freely exit their positions, not one or two months after merger close, as is typical, but as soon as the merger closes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf03faf0-46ea-4e39-bcbf-8aed5c2c93c9", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.77, "x": 0.118, "y": 0.355 }, "kind": "paragraph", "text": "The initial conversion price per share was struck at $33.60. If, for example, the day after the merger closes, the closing VWAP is $70 (i.e., above $56), PIPE investors would receive shares at $33.60 and be able to immediately flip it for a $36.40 gain.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d603aef3-73fc-4769-bc8f-dccdbea9561c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "there is no way the SEC isn't going to demand a host of disclosures and explanations for why a $1bn PIPE, that no one knows who is participating in, is structured in such a manner that smacks of taking advantage of retail investors. I would be shocked if the PIPE survives as is. — A former SEC enforcement attorney", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-fe5fd4bbe98b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.118, "y": 0.705 }, "kind": "title", "text": "Conclusion", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c9e1043-e379-472d-a790-a49aa096fd47", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "440a9da2-e8b8-4ca4-9593-9de7d85b06ca", "evidence": "The slide explicitly details how the PIPE structure is designed to allow institutional investors to profit at the expense of retail investors, framing it as a 'sordid' and 'abusive' practice.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:15.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "This is a narrative-heavy slide from a short-seller research report (Kerrisdale Capital) focusing on regulatory risk.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 2, "textChars": 993, "nDataPoints": 1, "notes": "This is a narrative-heavy slide from a short-seller research report (Kerrisdale Capital) focusing on regulatory risk.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.672+00", "seconds": 2.984, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/21", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-8ddbeddbdd07", "parentComponentId": null }, { "bbox": { "h": 0.222, "w": 0.766, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "between 2019 and 2021, accounting for more than 3/5th of all U.S. IPOs. In a speech given shortly after the SEC opened its investigation into DWAC, SEC Chair Gary Gensler outlined the agency's intent to crack down on the information asymmetries, conflicts of interest, and potential for fraud inherent in SPACs. In particular, Gensler called out needing to address the obligations of “gatekeepers” – directors, officers, SPAC sponsors, financial advisors, and accounts – and their attempts to use SPACs as a way to arbitrage liability regimes. Gensler might as well have been addressing DWAC. If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe3b422e-8495-4162-a196-f195cc3184e6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "appendix", "title": "The diagram maps Patrick Orlando's roles across various investment firms and SPACs.", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 421, "nDataPoints": 0, "notes": "The diagram maps Patrick Orlando's roles across various investment firms and SPACs.", "elementsJson": [ "headline_text", "process_diagram", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.317+00", "seconds": 2.4, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/22", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": { "h": 0.365, "w": 0.764, "x": 0.118, "y": 0.125 }, "kind": "diagram", "text": "Diagram of Orlando Related Entities", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1e2157f-476b-4055-90b5-73d8b9222864", "parentComponentId": null }, { "bbox": { "h": 0.028, "w": 0.746, "x": 0.127, "y": 0.524 }, "kind": "paragraph", "text": "Note: Yunhong International was a Wuhan, China based SPAC which liquidated and delisted in November 20201 after failing to consummate an initial business combination.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19994be8-99a3-41c0-bffd-b575f8401837", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.746, "x": 0.127, "y": 0.493 }, "kind": "source-note", "text": "Source: Kerrisdale analysis. S-1 Filings for Maquia Capital, Yunhong International, Benessere Capital Acquisition Corp, DWAC, ARC Group Ltd website, Benessere Investment Group website.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab220e0-106a-4aaa-805d-0d78bcaf398e", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.415, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Appendix I: Orlando Related Entities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0757ccee-999c-44f9-95b2-90b88403b477", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 25, "from": 22, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "ea71867f-7011-4883-a03d-2336f3e57aec", "evidence": "The appendix data and timeline of key events", "position": 1, "objective": "How do the key events leading up to the merger announcement impact the deal?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.047509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 3, "textChars": 403, "nDataPoints": 3, "notes": null, "elementsJson": [ "headline_text", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.329+00", "seconds": 1.936, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/23", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": null, "kind": "quote", "text": "DWAC files its initial S-1 identifying itself as a “blank check company” and proclaiming that it had “not selected any specific business combination target and … ha[d] not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.” — DWAC S-1 Filing", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-e9b41aee69d6", "parentComponentId": null }, { "bbox": { "h": 0.775, "w": 0.764, "x": 0.118, "y": 0.135 }, "kind": "table", "text": "Timeline table with columns Date and Key Event", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b91ce45-a80d-4fcd-ae03-2cd76c2aaaf2", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.353, "x": 0.118, "y": 0.094 }, "kind": "title", "text": "Appendix II: Timeline of Key Events", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cff9cd7-0031-4e24-b8aa-29fbecb6ae17", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a7088851-f493-4c6e-a5e3-c58aabe60a10", "evidence": "Chronological list of events presented in a table format.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:45:14.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "timeline" } ], "arcBeats": [], "loops": [ { "to": 25, "from": 22, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "ea71867f-7011-4883-a03d-2336f3e57aec", "evidence": "The appendix data and timeline of key events", "position": 1, "objective": "How do the key events leading up to the merger announcement impact the deal?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.047509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 24, "type": "setup", "title": "The slide uses a table format to present a timeline of events from June 2021 to February 2022.", "function": "summarize", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 1, "textChars": 59, "nDataPoints": 2, "notes": "The slide uses a table format to present a timeline of events from June 2021 to February 2022.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:14.803+00", "seconds": 2.312, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/24", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.77, "x": 0.118, "y": 0.09 }, "kind": "table", "text": "Timeline of events involving BCAC, Orlando, DWAC, and TMTG.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:14.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcede6b0-67b4-4e30-9a08-dc1ff756e8bd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d3eee9b8-6757-4c46-903e-100a24a48ecc", "evidence": "Chronological list of events presented in a table format.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:45:14.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "timeline" } ], "arcBeats": [], "loops": [ { "to": 25, "from": 22, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "ea71867f-7011-4883-a03d-2336f3e57aec", "evidence": "The appendix data and timeline of key events", "position": 1, "objective": "How do the key events leading up to the merger announcement impact the deal?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.047509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 25, "type": "analysis", "title": "Includes detailed tables for sources/uses, ownership, valuation, and a stacked bar chart for revenue projections.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 6, "textChars": 324, "nDataPoints": 60, "notes": "Includes detailed tables for sources/uses, ownership, valuation, and a stacked bar chart for revenue projections.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "bar_chart_stacked", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:15.545+00", "seconds": 2.634, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/25", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": { "h": 0.335, "w": 0.748, "x": 0.126, "y": 0.505 }, "kind": "chart", "text": "Pro Forma Revenue Projections ($ in millions) from 2022E to 2026E", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "750e8ad4-7900-4b87-a3e9-aec01f0645bc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $12,283.6", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-b41091c35c6f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Source: DWAC investor presentation November 2021.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e57-b1595127c829", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.35, "x": 0.126, "y": 0.828 }, "kind": "source-note", "text": "Source: DWAC investor presentation November 2021.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b87bf71-1800-4f44-adea-6751db751de2", "parentComponentId": null }, { "bbox": { "h": 0.325, "w": 0.748, "x": 0.126, "y": 0.143 }, "kind": "table", "text": "DWAC Transaction Overview tables including Sources, Uses, Valuation Summary, and Pro Forma Ownership", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0db1b085-57a3-487b-ac7e-de6def8801dc", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.415, "x": 0.117, "y": 0.093 }, "kind": "title", "text": "Appendix III: Transaction Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64a803be-782e-4feb-aec2-723f85b24330", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 25, "from": 22, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "ea71867f-7011-4883-a03d-2336f3e57aec", "evidence": "The appendix data and timeline of key events", "position": 1, "objective": "How do the key events leading up to the merger announcement impact the deal?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:23.047509+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 26, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 359, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:15.611+00", "seconds": 2.643, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/26", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "disclaimer", "text": "As of the publication date of this report, Kerrisdale Capital Management LLC and its affiliates (collectively \"Kerrisdale\") have short positions in the stock of Digital World Acquisition Corp. (\"DWAC\").", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d7e8270-4702-4df1-9aeb-f9a772b60251", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.11, "y": 0.94 }, "kind": "disclaimer", "text": "Kerrisdale Capital Management, LLC | 1212 Avenue of the Americas, 3rd Floor | New York, NY 10036 | Tel: 212.792.7999 | Fax: 212.531.6153", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "695c8fcb-6b58-4869-b3a4-b77e42bb45de", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "Full Legal Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:15.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ce61fbd-5132-4930-9900-562e764ea1fa", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 2, "textChars": 1137, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:16.876+00", "seconds": 3.491, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/27", "deck": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0", "deckAnchor": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json" }, "components": [ { "bbox": { "h": 0.282, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "disclaimer", "text": "ideas and the performance of recommended strategies for the Authors. This could represent a potential conflict of interest in the statements and opinions in the Authors’ documents. The information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. Any or all of the Authors’ forward-looking assumptions, expectations, projections, intentions or beliefs about future events may turn out to be wrong. These forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, most of which are beyond the Authors’ control. Investors should conduct independent due diligence, with assistance from professional financial, legal and tax experts, on all securities, companies, and commodities discussed in this document and develop a stand-alone judgment of the relevant markets prior to making any investment decision.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ad29a5d-410c-4e97-bc2f-3b12b3dd0eeb", "parentComponentId": null }, { "bbox": { "h": 0.011, "w": 0.774, "x": 0.113, "y": 0.947 }, "kind": "other", "text": "Kerrisdale Capital Management, LLC | 1212 Avenue of the Americas, 3rd Floor | New York, NY 10036 | Tel: 212.792.7999 | Fax: 212.531.6153", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:16.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40091111-9de1-403d-ba65-2a6c0bc38cfd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "Problem & Complication", "description": "The executive summary and company overview highlighting the issues" }, { "from": 7, "to": 9, "label": "Villain Critique", "description": "The critique of TMTG's media business and technology team" }, { "from": 12, "to": 15, "label": "Expose Contradiction", "description": "The exposure of undisclosed conflicts and regulatory non-compliance" }, { "from": 16, "to": 19, "label": "Preempt Rebuttal", "description": "The anticipation and rebuttal of potential counterarguments" } ], "loops": [ { "from": 10, "to": 14, "label": "Cost Of Inaction", "description": "What are the consequences of not blocking the merger?" }, { "from": 22, "to": 25, "label": "Mece Breakdown", "description": "How do the key events leading up to the merger announcement impact the deal?" } ] }