{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622c-750b-8b9b-ba39fb882135",
  "slug": "810cba4cdc28",
  "title": "Herbalife, Ltd. (HLF)",
  "subtitle": "Pershing Square Capital Management · 2016-07",
  "author": "Pershing Square Capital Management",
  "date": "2016-07-15 00:00:00",
  "pageCount": 2,
  "kind": "press-release",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "targetCompany": "Herbalife, Ltd.",
  "targetTicker": "HLF",
  "document": {
    "id": "019dd923-622c-750b-8b9b-ba39fb882135",
    "slug": "810cba4cdc28",
    "title": "Herbalife, Ltd. (HLF)",
    "rawTitle": "Issues Statement Regarding Herbalife",
    "authorId": "01_Pershing_Square",
    "authorName": "Pershing Square Capital Management",
    "authorDisplay": "Pershing Square Capital Management",
    "kind": {
      "slug": "press-release",
      "label": "Press release"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "2016-07-Pershing-Square-Issues-Statement-Regarding-Herbalife.pdf",
    "sourceUrl": null,
    "sourceDate": "2016-07-15 00:00:00",
    "presentationDate": "2016-07-15 00:00:00",
    "ingestedAt": "2026-04-23 00:25:50+00",
    "status": "ready",
    "pageCount": 2,
    "orientation": "portrait",
    "aspectRatio": 0.77272725,
    "targetCompany": "Herbalife, Ltd.",
    "targetTicker": "HLF",
    "metadata": {
      "local_root": "/tmp/legacy-images/810cba4cdc28",
      "activist_firm": "Pershing Square Capital Management",
      "origin_corpus": "contrarian",
      "extraction_seconds": 71.66868424415588
    }
  },
  "coverage": {
    "pageCount": 2,
    "pagesIndexed": 2,
    "pagesWithImages": 2,
    "pagesWithMetadata": 2,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 16,
    "chartCount": 0,
    "metricSlides": 0,
    "toolMatches": 0,
    "documentToolMatches": 0,
    "frameworkMatches": 1,
    "arcMatches": 0,
    "beatMatches": 0,
    "loopMatches": 0,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [],
    "beats": [],
    "loops": [],
    "tools": [],
    "frameworks": [
      {
        "matchId": "d7351300-8746-443a-b485-5bec3da75e58",
        "evidence": "Framing Herbalife as a pyramid scheme using FTC findings.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 20:02:02.005+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 1,
        "frameworkName": "antagonist-introduction"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "tension",
      "title": "The slide uses the FTC's own findings to frame Herbalife as a pyramid scheme, citing legal precedents like Koscot and Vemma.",
      "function": "expose_contradiction",
      "imagePath": "https://imgproxy.kitesheet.com/wnn0GtL-Crs7rOmZzxO38I0PgoyQ7oYMU39chUhDNJk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84MTBjYmE0Y2RjMjgvcDAwMS5wbmc",
      "rawType": "press-release",
      "block": null,
      "metadata": {
        "slideType": "press-release",
        "slideTypeCanon": 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": 76,
        "componentCount": 9,
        "textChars": 1148,
        "nDataPoints": 0,
        "notes": "The slide uses the FTC's own findings to frame Herbalife as a pyramid scheme, citing legal precedents like Koscot and Vemma.",
        "elementsJson": [
          "paragraph",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:02:02.005+00",
          "seconds": 4.021,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9b-ba39fb882135/1",
        "deck": "/decks/019dd923-622c-750b-8b9b-ba39fb882135",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9b-ba39fb882135#slide-1",
        "deckJson": "/decks/019dd923-622c-750b-8b9b-ba39fb882135.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.76,
            "x": 0.12,
            "y": 0.5
          },
          "kind": "paragraph",
          "text": "As part of the settlement, Herbalife can only compensate distributors for \"Profitable Retail Sales,\" a genuine sale made at a price above the distributor's average total cost for the product.",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0accc6fa-1e5c-48f4-bff5-4cb716014716",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.76,
            "x": 0.12,
            "y": 0.67
          },
          "kind": "paragraph",
          "text": "We expect that once Herbalife’s business restructuring is fully implemented, these fundamental structural changes will cause the pyramid to collapse...",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "330a219d-67dd-47fc-8fc7-f5bedf1cc423",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.76,
            "x": 0.12,
            "y": 0.59
          },
          "kind": "paragraph",
          "text": "The settlement also requires Herbalife to eliminate minimum purchase requirements and other inventory loading incentives.",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3cfe5eee-f7fa-41b6-a00b-16c487eb9eb0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.76,
            "x": 0.12,
            "y": 0.43
          },
          "kind": "paragraph",
          "text": "Under Koscot, Omnitrition, Vemma and other key FTC pyramid scheme cases, the above findings constitute a pyramid scheme.",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "611c20df-0bb9-4f58-89a1-520ec86c4f20",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.76,
            "x": 0.12,
            "y": 0.17
          },
          "kind": "paragraph",
          "text": "Today, the FTC, in its complaint filed in Federal Court concluded: \"In sum, Defendants’ compensation structure incentivizes Distributors to purchase thousands of dollars of product to receive recruiting-based rewards...\"",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "67573c66-a655-43bb-a202-92cc474bedcf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.76,
            "x": 0.12,
            "y": 0.74
          },
          "kind": "paragraph",
          "text": "The FTC complaint and settlement provide a roadmap for regulators in 90 other countries... We congratulate the FTC for enforcing the law...",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e8deff4-4dd3-433e-b4fc-a02577f286ae",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.76,
            "x": 0.12,
            "y": 0.12
          },
          "kind": "paragraph",
          "text": "New York, July 15, 2016 // Pershing Square Capital Management, L.P. (\"Pershing Square\") today released the following 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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b9858c6d-c71b-472e-9942-112db9e2512d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.12,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "[1] FTC Complaint, page 38.",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ae94d59-9ed3-46f5-b600-070df9dc5703",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.25,
            "y": 0.09
          },
          "kind": "title",
          "text": "Pershing Square Issues Statement Regarding Herbalife",
          "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 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5eaf80ec-603a-4eda-8ddf-ae62f89334ca",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "d7351300-8746-443a-b485-5bec3da75e58",
          "evidence": "Framing Herbalife as a pyramid scheme using FTC findings.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 20:02:02.005+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 1,
          "frameworkName": "antagonist-introduction"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/Rt-0xBcOOfK2TIeyjZLGLLbxrWUOzBi-gK0GsLnGrdA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84MTBjYmE0Y2RjMjgvcDAwMS5wbmc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/o3W9_h7De7MSFnRhViJGqeFe50w7IjX-FaPwhUmi5y8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84MTBjYmE0Y2RjMjgvcDAwMS5qcGc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/j6u_4WXmGsG7QIJ5hfl9xHicngkvYXY0hv4Q7AgA96E/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84MTBjYmE0Y2RjMjgvcDAwMS5qcGc"
    },
    {
      "page": 2,
      "type": "setup",
      "function": "front_matter",
      "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": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 70,
        "componentCount": 7,
        "textChars": 1428,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 20:02:07.856+00",
          "seconds": 9.864,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9b-ba39fb882135/2",
        "deck": "/decks/019dd923-622c-750b-8b9b-ba39fb882135",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9b-ba39fb882135#slide-2",
        "deckJson": "/decks/019dd923-622c-750b-8b9b-ba39fb882135.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Funds managed by Pershing Square are short the stock of Herbalife Ltd. and own put options on the company.",
          "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 23:16:58+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-14d8-75c0-8c88-29b01d3bd115",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.033,
            "w": 0.55,
            "x": 0.118,
            "y": 0.382
          },
          "kind": "paragraph",
          "text": "Maitland\nJames Devas, +44 20 7379 5151, Media-pershingsquareholdings@maitland.co.uk",
          "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 20:02:07.856+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "292cc65a-5c3b-46f8-8e2a-46d6dbe79f4e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.033,
            "w": 0.782,
            "x": 0.118,
            "y": 0.302
          },
          "kind": "paragraph",
          "text": "Pershing Square Holdings, Ltd. (PSH:NA) is an investment holding company structured as a closed end fund that makes concentrated investments principally in North American 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 20:02:07.856+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a48f2105-8a99-4fa8-8080-0c1adebcea68",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.165,
            "w": 0.782,
            "x": 0.118,
            "y": 0.111
          },
          "kind": "paragraph",
          "text": "Pershing Square Capital Management, L.P. (\"Pershing Square\"), based in New York City, is a SEC-registered investment advisor to investment funds. Pershing Square manages funds that are in the business of trading — buying and selling — securities and other financial instruments. Funds managed by Pershing Square are short the stock of Herbalife Ltd. and own put options on the company. Pershing Square may increase, decrease, dispose of, or change the size or form of its investment in Herbalife for any or no reason, at any time. Pershing Square may change its views about or its investment positions in Herbalife at any time, for any reason or no reason. Pershing Square may buy, sell, cover or otherwise change the form or substance of its Herbalife investment. Pershing Square disclaims any obligation to notify the market of any such changes. Please see the full Disclaimer appearing on website www.factsaboutherbalife.com and www.herbalifepyramidscheme.com.",
          "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 20:02:07.856+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dae2b113-c0d0-49a8-acb4-0a85a5cc9ea7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.145,
            "x": 0.118,
            "y": 0.365
          },
          "kind": "title",
          "text": "MEDIA CONTACT",
          "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 20:02:07.856+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7befec7d-33b0-49da-b9e3-726816d6ffbe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.415,
            "x": 0.118,
            "y": 0.093
          },
          "kind": "title",
          "text": "About Pershing Square Capital Management, L.P.",
          "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 20:02:07.856+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6bea2bd-b6d7-4c6e-aa64-7bdb540b0807",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.315,
            "x": 0.118,
            "y": 0.285
          },
          "kind": "title",
          "text": "About Pershing Square Holdings, Ltd.",
          "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 20:02:07.856+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c72ae0a2-3f55-4dd4-b736-1041cedb4cee",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [],
  "loops": []
}