Twitter shareholders will get to vote on whether they will turn the social network into a user-led co-operative when the company’s shareholder meeting takes place at the end of May.
The move has been followed by a petition by a group of Twitter fans urging the company to sell itself to its users, turning the firm’s publicly-listed share structure into a co-operative, meaning it would be owned by its users.
“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,” the petition, which has so far gathered nearly 3,500 signatures, reads.
“We want the company to share its future with those whose participation make it so valuable: its users” it adds.
Twitter will require to “prepare a report on the nature and feasibility of selling the platform to its users via a co-operative or similar structure with broad-based ownership and accountability mechanisms,”if the proposal goes through, according to the company’s proxy filing submitted on Friday last week.
“We believe that preparing a report on the nature and feasibility of selling the ‘platform,’ and doing so only to ‘its users,’ would be a misallocation of resources and a distraction to our board of directors and management,” the company argued in the proxy statement.