{
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  "docSlug": "3c210b1fcba7",
  "documentTitle": "Tempus AI, Inc. (TEM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 72,
  "pageCount": 76,
  "prevPage": 71,
  "nextPage": 73,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Uses red boxes and arrows to visually connect the reduction in share counts for specific entities.",
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  "components": [
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      "kind": "callout",
      "text": "Tempus insiders have not waited long since the IPO in April 2024 to start selling stock. In fact, each of the top 5% stockholders have recently sold shares. In addition, Mr. Leonsis has modestly trimmed his position.",
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    {
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      "kind": "callout",
      "text": "Tempus insiders have not waited long since the IPO in April 2024 to start selling stock. In fact, each of the top 5% stockholders have recently sold shares.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "kind": "metric",
      "text": "beneficial ownership: 5.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd952-fb91-749f-a6b3-f5a03b3f8249",
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        "x": 0.01,
        "y": 0.97
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      "kind": "source-note",
      "text": "Source: Proxy Statement and IPO Prospectus; Red Sky 13G/A filing; Ballie Gifford 13G filing",
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      "kind": "table",
      "text": "Beneficial Ownership @ IPO April 15, 2024",
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      "kind": "table",
      "text": "Beneficial Ownership March 18, 2025",
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      "kind": "title",
      "text": "Follow The Money: Key Insiders To Watch Are Now Selling Shares",
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  "metrics": [],
  "tools": [
    {
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      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87e-0160-74a9-9080-13de124c0d8a",
      "evidence": "Title: 'Follow The Money: Insiders Selling'",
      "confidence": 88
    },
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      "slug": "annotation",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de87e-018e-7455-b3a6-25cf157ccace",
      "evidence": "Red boxes/arrows over share-count reductions",
      "confidence": 88
    }
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  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "39ccfbd9-8974-4858-8fdb-bd5e23b4d5de",
      "evidence": "Highlighting insider selling as a negative signal to investors.",
      "confidence": 0.9
    },
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      "name": "Villain Naming",
      "slug": null,
      "matchId": "019de87e-0a57-726f-9330-d5ba028f8658",
      "evidence": "Insider names + share-reduction annotations",
      "confidence": 80
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  "arcBeats": [
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      "from": 70,
      "beatId": "019de87d-e433-73e4-a2a2-dd53aa51dae1",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": null,
      "evidence": "Risk/reward, insider selling, peer multiples, final $24-34 SoP valuation.",
      "position": 5,
      "confidence": 78,
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      "beatId": "019de87d-e530-710a-a460-ed40fe41a617",
      "arcName": "The Mountain",
      "arcSlug": "mountain",
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      "evidence": "Follow-the-money insider selling reveal.",
      "position": 3,
      "confidence": 55,
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  ],
  "loops": [
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      "from": 71,
      "name": "Benchmark Gap",
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      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "019de87d-e73d-71fb-b18c-f8a3706a6be9",
      "evidence": "SBC vs peers (77% vs 25%), EV/Rev 9.7x vs 3.9x peers, sum-of-parts to $24.87.",
      "position": 9,
      "objective": "Conclude that TEM trades at unwarranted premium and warrants 50-60% downside",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 86,
      "description": "Compare performance against best-in-class to quantify the opportunity"
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}