Shareholders have today voted against a proposal to make Twitter a co-operative at the company's annual general meeting (AGM).
Small shareholder Jim McRitchie proposed the move along with German investor Steffen Sauerteig.
McRitchie argued that co-operatives are better than publicly-traded companies at growing market share, and recommended Twitter investors explore their options for reincorporating the firm as a co-operative.
Putting forward his proposal to shareholders, he said: "Twitter is spreading first amendment rights around the world...however, Twitter is in trouble.
"Twitter is not performing up to potential."
The Twitter board recommended that shareholders oppose the commissioning of a report on reincorporating, and won out at the AGM vote today.