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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
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  "authorName": "Icahn Capital",
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  "notes": "The chart highlights key corporate events and their impact on the tracking stock discount.",
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      "text": "DVMT Price Discount vs VMW",
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      "text": "Despite Dell’s and its investment bankers’ assumption that DVMT would trade within 5-10% of VMW, since its first trading day, DVMT has traded on average 35% below VMW due to an atrocious governance structure put in place by Michael Dell and Silver Lake.",
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      "text": "To fund the massive $64 billion acquisition, Dell offered EMC shareholders a tracking stock to cover $10 billion of the purchase price, initially intended to track 65% of the economics of VMware, a high growth subsidiary of EMC at the forefront of cloud, networking and security infrastructure software.",
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      "text": "1. Discount calculated from first day of trading on August 17, 2016 through October 24, 2018. Investment banker’s assumptions as disclosed in EMC’s Definitive Proxy Statement dated June 6, 2016.",
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