Meta shareholders overwhelmingly oppose proposal to include bitcoin in reserves

Meta Platforms (META. O) shareholders voted down a proposal to include bitcoin in the company's finances at its annual meeting this week. More than 4.90 billion shares reportedly voted against the move, with only 3.92 million backing it. Following Microsoft's push to mainstream bitcoin a few months ago, Meta Platforms became the latest big tech company to consider putting pressure on shareholders to include bitcoin in its assets. However, like Microsoft, shareholders voted down the proposal due to concerns about volatility. The proposal was submitted by investor Ethan Peck, a representative of the National Center for Public Policy Research, who suggested the company study the possibility of converting some of its cash and bonds into bitcoin to better safeguard shareholder value.