{ "docId": "019dd923-622c-750b-8b99-b032f87a30cd", "docSlug": "d09125f46e4d", "documentTitle": "Clear Secure, Inc. (YOU)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-04-30 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 43, "pageCount": 85, "prevPage": 42, "nextPage": 44, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Includes a red diagonal strike-through line across the top text block, likely indicating a focus on the contradiction between the two entities.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-b032f87a30cd/43", "deckHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-43", "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point finds it very alarming that CLEAR shares non-biometric data, but maybe more importantly that data is not only subject to a data breach at CLEAR but also its Service Providers.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3f-7598-93f3-70546c2b8808", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.47 }, "kind": "paragraph", "text": "B. NON-BIOMETRIC AND NON-HEALTH PERSONAL INFORMATION\nIn addition to the disclosures described in Section 3.A above, we also may share non-biometric and non-health personal information (except for government-issued identification numbers and payment card and financial account numbers) we obtain about you with our affiliates for the purposes described in Section 2.B of this Privacy Policy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "410e6795-e12d-49dc-8541-84f74c43b61d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.74 }, "kind": "paragraph", "text": "D. SERVICE PROVIDERS\nWe contractually prohibit our service providers from using or disclosing our consumers’ personal information, other than to perform services for us, prevent fraud or comply with legal requirements. We require these service providers to appropriately safeguard the privacy and security of the consumer personal information they collect, use, disclose or otherwise process for us. We permit service providers to retain such personal information only for as long as is necessary to provide the services to CLEAR, and we always limit service providers’ data retention terms to comply with applicable law and this Privacy Policy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b5fb5af-307b-4ea4-967a-3f5b30255046", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "According to an article in OneZero, their reporter obtained a presentation given by CLEAR to LAX in 2015. According to OneZero: “CLEAR showed off all the data that it collected on customers who enter stadiums, with the title “Identity Dashboard — Valuable Marketing Data.” That data includes favorite foods and beverages at sports stadiums, when they arrive at games, what kind of credit card they have, whom they attend games with, and how often they fly first class.” Spruce Point was not able to independently verify the presentation. Spruce Point finds it very alarming that CLEAR shares non-biometric data, but maybe more importantly that data is not only subject to a data breach at CLEAR but also its Service Providers. TSA PreCheck policy: “No applicant information can be used for any purpose other than TSA PreCheck enrollment and vetting without the prior consent of the applicant.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "85d1b7c3-9d9e-425c-87ff-aa125f8dea69", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.61 }, "kind": "paragraph", "text": "C. HEALTH INFORMATION\nIn addition to the disclosures described in Section 3.A above, if you use CLEAR Health Pass we also may share health information we obtain about you or information based on this information with private and public entities that use CLEAR Health Pass, for the purposes described in Section 2.A of this Privacy Policy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a5722f90-8882-4454-97ad-6f9eafb5e3db", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "CLEAR showed off all the data that it collected on customers who enter stadiums, with the title “Identity Dashboard — Valuable Marketing Data.” That data includes favorite foods and beverages at sports stadiums, when they arrive at games, what kind of credit card they have, whom they attend games with, and how often they fly first class. — OneZero", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3f-7598-93f3-77731d9ca535", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: CLEAR Privacy Policy, “Clear Conquered U.S. Airports. Now It Wants to Own Your Entire Digital Identity”, OneZero, October 2020", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4b4ec3a-b736-4c4d-8b97-23b991662084", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.33, "y": 0.03 }, "kind": "title", "text": "The TSA Does Not Share Non-Biometric Data With Service Providers; CLEAR Does", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7aa6698-da98-4fd9-9b2c-736c29356440", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.41 }, "kind": "title", "text": "CLEAR Privacy Policy", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "adb4c649-fefe-4113-b889-e30291456a82", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "from": 21, "beatId": "94649fab-d8a2-4e54-9ab1-325a074f74f9", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Spruce Point presents its thesis and evidence", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The document presents Spruce Point's thesis and evidence supporting its short position.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 50, "from": 40, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "1d1cc5a9-6cd7-496f-807c-c1fec88c64e3", "evidence": "The document highlights the potential risks and consequences of not addressing CLEAR's challenges.", "position": 1, "objective": "Emphasizing the risks of not addressing CLEAR's challenges", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }