{
  "docId": "019f6b8f-1424-7414-9277-c50c403d931a",
  "docSlug": "jarvis-elliott-management-western-digital-letter-may-2022",
  "documentTitle": "Elliott Management Western Digital Letter May 2022",
  "authorId": "elliott-management-western-digital-letter-may-2022",
  "authorName": null,
  "documentKindSlug": "document",
  "documentKindLabel": "Document",
  "sourceTypeSlug": "independent_analyst",
  "sourceTypeLabel": "Independent analyst",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 2,
  "pageCount": 13,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "other",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "This is a text-heavy document page (likely from an activist investor letter or presentation appendix) rather than a standard presentation slide.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-1424-7414-9277-c50c403d931a/2",
  "deckHref": "/decks/019f6b8f-1424-7414-9277-c50c403d931a",
  "deckJsonHref": "/decks/019f6b8f-1424-7414-9277-c50c403d931a.json",
  "deckAnchorHref": "/decks/019f6b8f-1424-7414-9277-c50c403d931a#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "list",
      "text": "Our letter today is organized as follows:\n• Our Investment in Western Digital\n• How We Got Here\n• Western Digital's Strategic Scorecard\n• Path to $100+ per Share\n• Working Together",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "528a8685-b492-4147-a309-67ed853a6b8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "In addition to our public investment in Western Digital, Elliott is also offering $1+ billion of incremental equity capital into the Flash business at an enterprise value of $17 to $20 billion...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6632d844-e76b-4d1d-9351-d442397386ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "Today, we are calling on the Board to conduct a full strategic review of these ideas, confident in our view that a comprehensive, independent exploration of the value potential will point decisively toward a separation...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cfc9789-643d-4429-85e3-f379303bbb06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "Founded in 1977, Elliott is an investment firm that today manages approximately $51.5 billion of capital for both institutional and individual investors. We are a multi-strategy firm, and investing in the technology sector...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3c88b2e-275b-45fc-a27d-7c6169fc9cdf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "We believe a full separation of the Flash business can allow both HDD and Flash to be more successful and unlock significant value. By executing on a separation, we believe Western Digital's stock price could reach $100+ per share...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e632a565-5543-4d60-8031-42d260561630",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "source-note",
      "text": "¹ Elliott's involvement in this market dates to our 2006 investment in Flash provider, Lexar, which was acquired by Micron. Over the course of our investment, we engaged with numerous industry players...",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b278eb5e-3ef4-4ca3-ac9f-d3c3d70f989c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "title",
      "text": "Our Investment in Western Digital",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18a09e49-812f-4f6c-a73c-6a766a24484b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 2,
      "from": 1,
      "beatId": "2c4b66fd-74bd-41d4-9135-e14eead9dd42",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The letter to the board and investment in Western Digital",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}