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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 37 slides",
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  "presentationDate": "2023-04-01 00:00:00",
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      "text": "THE GRAIL DEAL WAS FRAUGHT WITH GOVERNANCE AND DISCLOSURE FAILURES. THE CORE BUSINESS HAS DETERIORATED. YET SOMEHOW THE CEO RECEIVED AN 87% PAY INCREASE.",
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      "text": "The GRAIL deal had many process failures, including: (1) conflicted financial advisors, (2) related parties, (3) insider stock sales, (4) no fairness opinion, (5) egregious disclosure lapses, and (6) special insurance for the board.",
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      "text": "Under CEO Francis deSouza, ILMN’s core business has also deteriorated due to a talent exodus, decrease in new product cycles, slowing revenue growth, and declining margins.",
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      "text": "Despite the calamities surrounding ILMN, the board of directors inexplicably just gave him an 87% pay increase to $27 million in 2022 even though he has destroyed $50 billion of value.",
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      "text": "Since closing the GRAIL acquisition, ILMN’s stock has dropped 62% or $50 billion in value. ILMN has already taken a $4 billion impairment charge, warned of significant tax liabilities upon exiting GRAIL and accrued ~$450 million in fines.",
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