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  • 04.10.17

Twitter’s shareholders want to turn the company into a user-owned co-op

Twitter’s shareholders will vote for the unorthodox proposal on May 22, reports Business Insider. The proposal originated from a petition that called for a co-op structure to Twitter. According to the petition’s authors:

“For a lot of us Twitter is the fastest, easiest way to know and share what’s going on around us—it sparks conversations, spreads information, and energizes movements. But Wall Street thinks the company is a failure because it’s not raking in enough profit for shareholders. That means that Twitter is up for sale, and there is a real risk that the new owner may ruin our beloved platform with a narrow pursuit of profit or political gains.”

It is highly unlikely the proposal will pass, but if it does Twitter execs will only have to “prepare a report on the nature and feasibility of selling the platform to its users via a cooperative or similar structure with broad-based ownership and accountability mechanisms.”MG