{
  "docId": "019dd923-622c-750b-8b98-72ad4dd9da96",
  "docSlug": "86dfa89096f8",
  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 67,
  "pageCount": 70,
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  "nextPage": 68,
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  "density": "dense",
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  "notes": "The slide argues that the lack of institutional ownership, particularly by tech funds, implies a retail-heavy investor base.",
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      "kind": "callout",
      "text": "The top 15 institutional holders account for less than 30% of Momo's diluted shares outstanding. Notably absent from this list are technology focused investors. We estimate that a majority of Momo owners are retail investors",
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      "text": "institutional ownership: 30%",
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      "kind": "paragraph",
      "text": "The top 15 institutional holders account for less than 30% of Momo's diluted shares outstanding. Notably absent from this list are technology focused investors. We estimate that a majority of Momo owners are retail investors",
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      "kind": "source-note",
      "text": "Source: Bloomberg and based on share count pro forma for Tantan stock issuance",
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      "kind": "table",
      "text": "Table of top 15 institutional holders with Name, Description, Value in $ millions, and % of Fully Diluted Shares.",
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      "kind": "title",
      "text": "Despite Analyst Endorsements, Few Institutional Investors (Especially Technology Funds) Own Momo",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Expose Contradiction",
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      "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Preempt Rebuttal",
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      "evidence": "Slides 65-69 preempt potential rebuttals, addressing potential counterarguments.",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "matchId": "1e293bd4-7457-4248-a9d2-e537607ea604",
      "evidence": "Slides 64-70 discuss the potential downside risk, implying a cost of inaction for investors who ignore these concerns.",
      "position": 2,
      "objective": "What is the cost of inaction for investors who fail to consider these risks?",
      "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"
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