{
  "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": 50,
  "pageCount": 79,
  "prevPage": 49,
  "nextPage": 51,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a red box highlight on the table to emphasize the concentration of roles.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-acb9ee1902a4/50",
  "deckHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4#slide-50",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.26,
        "x": 0.15,
        "y": 0.84
      },
      "kind": "callout",
      "text": "Poor corporate governance",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f97c443-0ac7-4c2b-9e20-8b4babee1c55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.42,
        "x": 0.56,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "New CFO Appointed: CORONA, Calif., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Monster Beverage Corporation (NASDAQ:MNST) today announced that Hilton H. Schlosberg was elected by the Board of Directors...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "791e725c-69a3-4ab5-8913-9f06c01df7b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Separation of duties is a core element of sound corporate controls to prevent financial and accounting problems. We think Monster operated like a private company in the public market for years with Mr. Schlosberg holding the titles of Vice Chairman of the Board, COO, CFO and Chief Accounting Officer (CAO). It wasn't until 2021 that it announced Mr. Kelly would become the CFO (and CAO).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b4a420e-1f71-4f52-b593-28cb8bb9b484",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: 2019 10-K, Monster Press Release",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b2f1df2-91bc-4448-a296-640d65ce8e0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.52,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "table",
      "text": "Roles and Responsibilities table showing Rodney C. Sacks and Hilton H. Schlosberg's titles as of Feb 28, 2020.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7f677e1-a8cd-408e-8289-5814e1ad74fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Think Monster Has Historically Had Weak Internal Control Practices By Not Separating Roles",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0b856ca-a0da-4257-a838-34c46a966de8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "27a41478-2a6c-4478-b29d-8d91a968f1aa",
      "evidence": "Focus on separation of duties and internal control practices.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "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
}