Meta shareholders meeting rejects proposal to add BTC to its $72 billion cash pile

A proposal to add Bitcoin (BTC) to internet technology firm Meta Platforms' cash reserve has been rejected at the company's recent shareholders meeting, according to CryptoSlate. As per the corresponding vote, there were 3.92 million shares in favor and 4.98 billion shares in opposition. The proposal requires Meta to “provide a counterweight against lower bond effectiveness” via converting a certain portion of surplus cash into BTC. However, shareholders rejected it citing stability and regulatory risks.