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  "documentTitle": "Elliott Management Western Digital Letter May 2022",
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      "text": "Today, we are recommending a strategic review at Western Digital. We believe that the Board should immediately commence an evaluation of the benefits of separating the Flash business.",
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      "text": "In our diligence process on Western Digital, we evaluated whether its SanDisk acquisition succeeded and whether HDD and Flash should remain together. The evidence overwhelmingly suggests that the combination has not succeeded.",
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      "text": "S&P 500 and NASDAQ increased by 103% and 190%, respectively. More importantly, we can look to Western Digital’s direct peers in Seagate for HDD and Micron in NAND/DRAM for relative performance.",
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      "text": "In addition, it is important to highlight that Western Digital’s stock-price performance has not improved with a new leadership team.",
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