🧐 Meta Shareholders Reject Proposal to Add Bitcoin $BTC to Balance Sheet 🧐
👻Key Takeaways:👻
🤒Meta shareholders rejected a proposal to add Bitcoin to the company’s balance sheet.Bitcoin advocate Ethan Peck pushed the plan, arguing it would hedge against inflation.More public companies, including GameStop and Tesla, continue adding Bitcoin to their treasuries.🤔
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👉The so-called “Bitcoin treasury assessment” proposal received just 3.92 million votes in favor — representing only 0.08% of the total. 🤔
👉Meta shareholders have overwhelmingly voted down a proposal to explore adding Bitcoin to the company’s balance sheet, according to a May 28 regulatory filing.🤔
The so-called “Bitcoin treasury assessment” proposal received just 3.92 million votes in favor — representing only 0.08% of the total — while nearly 5 billion shares voted against the measure.
Meta CEO Mark Zuckerberg, who holds 61% of the company’s voting power, likely voted against it.✍️
👉Bitcoin Advocate Urged Meta to Invest Part of $72B Cash in BTC✍️
👉The proposal originated from Bitcoin advocate Ethan Peck, who in January urged Meta to allocate a portion of its $72 billion cash reserves into Bitcoin, calling it a potential hedge against inflation.✍️
👉“Since cash is consistently being debased and bond yields are lower than the true inflation rate, 28% of Meta’s total assets are consistently diminishing shareholder value,” Peck argued in his supporting statement.✍️
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