Meta shareholders have overwhelmingly rejected a proposal to study the possibility of including Bitcoin on the company's balance sheet.
According to a document filed on May 28, only 0.08% of votes (3.92 million) supported the idea, while nearly 5 billion opposed it.
Given that Meta CEO Mark Zuckerberg controls 61% of the votes, he likely voted against the measure.
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The proposal, submitted in January by Bitcoin advocate Ethan Peck, urged Meta to allocate part of its $72 billion cash reserves to Bitcoin as a hedge against inflation.
Peck, director of Bitcoin at wealth management firm Strive, argued that holding cash erodes shareholder value due to inflation.
He also cited BlackRock's suggestion that a 2% allocation to Bitcoin would be reasonable.