Twitter has been struggling to hit Wall Street’s expectations. This is the reason why many are petitioning that it be sold out to its users, a move that would turn it into a cooperative. Agreeing to the petition would mean that the company prepares a report about how feasible it is to sell it to its users. However, this may never see the light of day given that the company’s shareholders rejected the proposal.
In its opposition statement, the company cited that the preparation of the report on the nature and feasibility of selling the ‘platform has its consequences. The move was viewed as a distraction to the board of directors and management as a well as a misallocation of resources.
But supporters argue that the plan would have been beneficial to the company
It seems like it is a tug of war between the company and the supporters of a user-owned structured tech firm. Apparently, not all the shareholders rejected the proposal. Together with Steffen Sauerteig of Germany, shareholder Jim McRitchie claimed that having users have a say in the company is one way of fueling growth.
“Giving Twitter users and employees a formal voice through ownership and representation on the Board could accelerate growth to outpace other social media companies,” says McRitchie. The two small shareholders are in support of the commissioning of a study, which would explore options of reincorporating Twitter as a co-operative.
So what next for the social network?
The situation hangs in the balance. Nonetheless, McRitchie says that the company could allow selling of shares to users through a payment service like Amazon prime.
On the other hand, news has it that Twitter is considering a premium version of Tweetdeck. The company’s CEO Jack Dorsey says that the idea has been floating for some time now and it is not likely to put it off anytime soon. Meanwhile, Omid Kordestani, Marjorie Scardino, and Bret Taylor have bee re-elected into Twitter’s board of directors.