{
  "docId": "019dd923-622c-750b-8b99-acb9ee1902a4",
  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 19,
  "pageCount": 79,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 36,
  "notes": "The slide uses a combination of quantitative market share data and qualitative expert testimony to build a bearish case against Monster.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-acb9ee1902a4/19",
  "deckHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Monster's market share appears to be the most pressured among its closest peers, and this is before Celsius acquired Alani Nu in February 2025 and Anheuser-Busch (BUD) announced in January 2025 that it would partner with 1st Phorm to launch a new energy drink.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-8572-c0f72216117a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.54,
        "x": 0.02,
        "y": 0.28
      },
      "kind": "chart",
      "text": "TOP 3 BRAND $ SHARE OF MULO+ W/C BY QUARTER 2022-PRESENT",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd43b865-c72d-4ab3-8459-e259bf56377c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "dollar share: 27.6",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-8572-c88b060ffe56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Monster's market share appears to be the most pressured among its closest peers, and this is before Celsius acquired Alani Nu in February 2025 and Anheuser-Busch (BUD) announced in January 2025 that it would partner with 1st Phorm to launch a new energy drink. Two former Monster employees we spoke with believed that BUD will do well in the energy drink market.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14f5cc91-643e-47b4-b6b2-e37de969e8d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.42,
        "x": 0.57,
        "y": 0.63
      },
      "kind": "quote",
      "text": "And I'll tell you, Budweiser does a very good job with executing within Energy and all their non alcoholics... they're actually able to execute better than the Coke and Pepsi systems are when it comes to energy specifically.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bf106f0-7efe-4fcd-a7ed-3c09bfce25be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.42,
        "x": 0.57,
        "y": 0.31
      },
      "kind": "quote",
      "text": "Because 1st Phorm are great marketers... Anheuser-Busch distributors have a vendetta, a vendetta against Monster because they lost it and now a vendetta against KDP (Keurig Dr. Pepper).",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdf5cd6b-de26-40db-ab14-aa8830671b35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Because 1st Phorm are great marketers. Okay, go look up the two brothers, the two founders of 1st Phorm, they're very good marketers in social media. Very good. I would say even better than Monster because they understand how to market through the social influencers and with Anheuser-Busch and the partnership is making the product and distributing the product. Anheuser-Busch distributors have a vendetta, a vendetta against Monster because they lost it and now a vendetta against KDP (Keurig Dr. Pepper). — Former Monster Employee Opinion",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-8572-c7683e9292d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.45,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Celsius Q4 2024 Investor Presentation, Spruce Point research interview",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3254acc-3542-4034-9dab-a0a8ee4b2033",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Monster Seeing Market Share Erosion Even Before Recent Industry Announcements",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d77613b5-5047-44fb-b926-79af181dff89",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "e089bca3-731a-487f-a8aa-bd5bdd88c5ba",
      "evidence": "The slide frames Anheuser-Busch and Celsius as the primary threats to Monster's market position.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "541c2bf0-3760-401b-8aa2-a77c37ff149a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": null,
      "evidence": "Detailed analysis of Monster Beverage's business challenges.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 79,
      "from": 14,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "469f687c-a10d-4864-98fa-9c9877675ea6",
      "evidence": "Repeated use of 'expose_contradiction' slides to highlight discrepancies in Monster Beverage's reporting and operations.",
      "position": 0,
      "objective": "Reveal the extent of Monster Beverage's problems and their implications on the stock price.",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}