{
  "docId": "019dd923-622c-750b-8b99-4b92274d3e76",
  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 92,
  "pageCount": 113,
  "prevPage": 91,
  "nextPage": 93,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "Uses a red flag icon to signal warning/risk. Connects financial data to personal spending (mansions) to imply misalignment of interests.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/92",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-92",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.11,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We estimate Tulco and FIGS' founders have sold nearly $1.5 billion in stock since October 2020. Early backer Commonwealth of Pennsylvania, Public School Retirement System also disposed of its entire 7.0% pre-IPO stake quickly after the IPO.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1d2e79f-8054-4838-a961-257afe398833",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We estimate Tulco and FIGS' founders have sold nearly $1.5 billion in stock since October 2020.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7e1-39b5d5b3951d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.55,
        "y": 0.7
      },
      "kind": "image",
      "text": "Photos of founders and their mansions.",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6f896a6-f963-4b07-95b1-557dc2f364e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Value Sold: $1.428B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7e1-3fa75ff87713",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.02,
        "y": 0.69
      },
      "kind": "source-note",
      "text": "Source: FIGS SEC filings including Form 4 stock sales. Note: Stock sale prices for the IPO and Sept 21 secondary are net of fees",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b17e4935-b558-4bc1-87dc-f840d2da3827",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.97,
        "x": 0.02,
        "y": 0.335
      },
      "kind": "table",
      "text": "Founder and Tulco Share Sales table showing dates, prices, and amounts sold by Hasson, Spear, and Tulco.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90a42e2b-fc7b-43b3-b6c7-a989bbbeac63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "FIGS' Management And Major Investors Have Been Large Sellers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2863e775-09ce-4a3f-b873-19cc84a1cf3c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "0eac8f69-b064-4bbc-90ed-b8543abcfe2c",
      "evidence": "Frames management as 'large sellers' and highlights personal luxury spending to create a villain narrative.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 113,
      "from": 88,
      "beatId": "b694edb1-a263-47ef-bdd9-574fde1c863c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and downside risk assessment",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}