{
  "docId": "019dd923-622c-750b-8b98-185c8a5e84a0",
  "docSlug": "dbd70945c810",
  "documentTitle": "Digital World Acquisition Corp (DWAC)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 14,
  "pageCount": 27,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "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"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-185c8a5e84a0/14",
  "deckHref": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-185c8a5e84a0#slide-14",
  "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,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e57-06a9b8322df1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.157,
        "x": 0.06,
        "y": 0.038
      },
      "kind": "image",
      "text": "KerrisdaleCapital",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "300ec574-400f-47cc-93bc-66dfdff8df0f",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd1d352d-ae06-4134-8ee6-2c21d10e1bb7",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6c49795-8d13-4936-915b-66733e1f66a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Big Tech” (Facebook, Twitter, and others) has unilaterally and unacceptably silenced conservative voices. — Donald Trump",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e57-0898c1747c8b",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf8c405a-37cf-48b7-bce0-bcd018027571",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e34b6c86-cf86-4e35-bc01-94280cc08427",
      "evidence": "The slide systematically contrasts official regulatory filings with a timeline of events to demonstrate a material misrepresentation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 12,
      "beatId": "077b76b9-5794-4341-aa90-26d11215b194",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The exposure of undisclosed conflicts and regulatory non-compliance",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "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?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}