{
  "docId": "019dd923-622c-750b-8b99-721c68819c81",
  "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",
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  "notes": "This is a classic 'guilt by association' slide used in activist short reports.",
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      "kind": "callout",
      "text": "Spruce Point observes that Movers+Shaker's corporate branding is yellow. We also notice that a picture of co-founder Horowitz shows him donning a similar yellow sash. This is a potential indicator of Movers+Shakers continued sympathy for the NXIVM belief system.",
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      "kind": "image",
      "text": "Photo of Mr. Horowitz and others wearing yellow sashes",
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      "kind": "image",
      "text": "Screenshot of Movers+Shakers website",
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      "kind": "source-note",
      "text": "Source: Frank Report",
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      "text": "Source: Movers+Shakers",
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      "kind": "title",
      "text": "Movers+Shakers Yellow Branding Happens To Be A Similar Color As The Co-Founder's Cult Sash",
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      "evidence": "Linking corporate branding to cult affiliation to damage reputation",
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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": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
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