Twitter is unlikely to become a co-operative any time soon after a shareholder proposal to investigate giving ownership to the messaging platform’s users failed to pass at its annual general meeting on Monday.
Jim McRitchie, a small shareholder who proposed the measure alongside German stockholder Steffen Sauerteig, had recommended Twitter investors commission a study to explore options from reincorporating as a co-operative to selling preferred shares to users in a subscription service like Amazon prime.
“This is a worldwide movement to save Twitter from losing sight of its mission,” said Mr McRitchie, who is concerned that the company’s poor stock market performance could force it to pursue revenue and profit rather than democracy.
“This is a very unusual proposal. I have received thousands of emails from across the world, people are writing songs on YouTube, the excitement is crazy,” he said. “Admittedly, it is not from Twitter shareholders.”
Twitter management recommended the shareholders vote against the motion, which the majority did.
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