{
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  "docSlug": "82a42fe61ec9",
  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-09 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 19,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
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  "notes": "Uses social media screenshots to imply an inappropriately close relationship or 'insider' language.",
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      "kind": "callout",
      "text": "What does Volofo mean?",
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      "text": "LinkedIn comment threads showing 'Volofo' usage",
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      "kind": "paragraph",
      "text": "CEO Horowitz appears close to ELF's Chief Marketing Officer Kory Marchisotto. They have appeared together on multiple industry panels and seem to have a shared understanding of a unique term called “Volofo”, an acronym that does not have a well-defined meaning.",
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      "kind": "source-note",
      "text": "Source: CEW.org, Brand-Innovators.com, LinkedIn and LinkedIn",
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      "kind": "title",
      "text": "Horowitz And ELF's CMO Frequently Appear Together In Public",
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      "evidence": "Used to frame the relationship between the CEO and CMO as suspicious.",
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      "matchId": "ec04b634-4265-403a-bac6-3c330a34b97e",
      "evidence": "Repeatedly highlighting connections between ELF's marketing partners and NXIVM",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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