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  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
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  "pageNumber": 26,
  "pageCount": 79,
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  "notes": "Uses a 'before-after' style juxtaposition to highlight a change in disclosure behavior.",
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      "kind": "callout",
      "text": "Monster did not show the Amazon data by Stackline in its two most recent investor presentations. We suspect the reason is because it has lost share.",
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      "kind": "list",
      "text": "Celsius market share quotes from Nov 6 2024, Aug 6 2024, and Nov 7 2023.",
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      "kind": "metric",
      "text": "Amazon market share: 20.4%",
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      "kind": "paragraph",
      "text": "Monster did not show the Amazon data by Stackline in its two most recent investor presentations. We suspect the reason is because it has lost share. Celsius has frequently touted its growing market share on Amazon. Our research indicates that products sold on Amazon carry a lower contribution margin to Monster.",
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      "kind": "quote",
      "text": "Celsius ended Q3 with a 20.4% share on Amazon according to Stackline's last 14-week read ending October 5, 2024. — Celsius",
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      "kind": "source-note",
      "text": "Source: Monster 2023 Investor Presentation, Jan 17, 2023, Celsius conference calls",
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      "kind": "table",
      "text": "Amazon Snapshot 13 wks (Stackline) table showing brand performance metrics.",
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      "kind": "title",
      "text": "Monster Ceased To Provide Amazon Data While Celsius Trumpets Market Share Gains",
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