“The Company Has $ 72 Billion in Cash on Its Balance Sheet, But Barely Any of the 5 Billion Shares That Voted Were in Favor of Adding Bitcoin.”, – WRITE: www.coindesk.com
To the Company’s Balance Sheet, accounting to a May 28 filing with the US Securities and Exchange Commission.
Just 3.92 Million votes Supported the Measure, While Nearly 5 Billion Were Cast in Opposition. The idea was put forward in january by Ethan Peck, A Bitcoin Advocate Who Works As the Bitcoin Director for the Wealth Management Firm Strive.
Peck’s Proposal Called for Meta to Move A PORTION OF ITS $ 72 Billion in Cash and Cash Equivalents Into Bitcoin As a Hedge Against Inflation. He argued that the Tech Giant Should Treat Bitcoin as A Strategic Reserve Asset, Similar to A Corporate War Chest Designed to Weather Monetary Policy Uncerty.
The Campaign Was Not Limited to Meta. Peck Also Targeted Microsoft (MSFT) and Amazon (Amzn) with Similar Proposals, Field on Behalf of the Conservative Think Tank Tank National Center for Public Policy Research. Microsoft Shareholders Recently Voted Against the Plan. Amazon has not yet held a vote.
Thought Meta Doesn’t Hold Crypto on It Balance Sheet, The Company Has Dabbled in Blockchain Before. In 2019, It AnnounCed Libra, A Global Stablecoin Project Backed by a Basket of Fiat Currencies. That Effort collapsed in 2022 After regulatory Backlash and Internal Strugggles, Rebranding Briefly As Diem Being Shut Down.
Meta’s Broader Crypto Strategy Remains Unclear. While ITS Metaverse Ambitions Prompted the 2021 Rebrand from Froma Facebook to Meta, The Company Has Pulled Back On that Vision in Recent Months. Still, Earlier this year, reports surfaced that Meta was exploring the USE of Stablecoins to Manage Payments Across Its Family of Apps.
Shares of the Company Were Up 3.5% on Monday, Trading AT $ 670.09 A Piece.
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