Meta shareholders have decisively rejected a proposal to include bitcoin in the company’s financial strategy. This decision follows a weak support with only 3.92 million votes cast in favor of adding bitcoin, representing a mere 0.08% of total votes, while close to 5 billion opposed the initiative.

Meta CEO Mark Zuckerberg (Alex Wong/Getty Images)

Key Points:

• The initiative to consider bitcoin was introduced by Ethan Peck, a bitcoin advocate, who aims to promote similar proposals at other tech giants like Microsoft and Amazon.
• Peck suggested that Meta should allocate part of its $72 billion cash reserves into bitcoin, arguing it would serve as a safeguard against inflation and economic uncertainty.
• This proposal was part of a broader campaign by the National Center for Public Policy Research, which also targeted Microsoft and Amazon for their treasury strategies.

Historically, Meta (formerly known as Facebook) has explored blockchain technology, notably launching the Libra project in 2019, which was eventually shelved due to regulatory issues. Currently, their stance on integrating cryptocurrency into their business remains uncertain, despite some reports suggesting they are investigating the application of stablecoins for transactions within their app ecosystem.

On the stock market, Meta’s shares rose 3.5% on the day following the vote, trading at $670.09.