Twitter AGM: Shareholders have not approved making Twitter a co-operative

 
Helen Cahill
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Social Media Site Twitter Debuts On The New York Stock Exchange
Today shareholders voted on whether Twitter should become a co-operative (Source: Getty)

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.

Read more: Should Twitter become a co-operative? Two million Brits would back the idea

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.

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