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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital",
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  "presentationDate": "2018-11-01 00:00:00",
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  "notes": "Uses a line chart with shaded area to visualize the widening valuation gap over time.",
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      "text": "Total Market Value Discount ($mm)",
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      "text": "On February 2, 2018, Michael Dell and Silver Lake made their threats explicit by announcing a strategic review of the business, shamelessly adding to their press release “we do this from a position of strength” – a subtle but clear message to DVMT shareholders.",
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      "text": "For much of 2018, Dell has pursued a campaign of fear-mongering, pressuring DVMT’s price by implying they will either (a)act upon the atrocious governance rights by IPO’ing Dell’s Class C shares and forcing DVMT shares to convert, or (b)simply maintaining the status quo, indefinitely denying DVMT stockholders their true value.",
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      "text": "During the first year following DVMT’s IPO, the total dollar discount between DVMT’s market capitalization and the market value of the VMW shares to which they are economically linked was about ~$5.5 to $6 billion.",
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      "text": "Even worse, Dell’s CFO audaciously boasts about “opportunistic opportunities in the market to take advantage of the discount between the two securities” all at the expense of DVMT shareholders.",
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      "text": "Interestingly, after the first reported meeting between Michael Dell and Egon Durban... the discount began rising, increasing by nearly $1 billion over the next three weeks.",
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      "text": "1. Dell Technologies’ S-4/A filing dated October 19, 2018. 2. Dell Technologies’ 8K press release dated February 2, 2018. 3. Comments from Dell’s CFO during Dell Technologies’ earnings call on March 13, 2017.",
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      "text": "Sowing Fear",
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