August 8, 2022
Twitter cooperative conversion

Twitter Cooperative Conversion Shareholder Vote to Occur in May

On Monday, May 22nd, shareholders will vote on a radical Twitter cooperative conversion proposal, transforming the microblog into a user-owned collective…

For years, Twitter has been unable to turn a profit. The social network, known best for making hashtags popular and its 140 character limit count will vote in May to restructure the company. The Twitter cooperative conversion, filed with the SEC, will turn the microblog into a user-owned enterprise.

Twitter Cooperative Conversion Shareholder Vote Happening May 22nd

The move comes as the company failed to woo bidders last October. Then, in December, CEO Jack Dorsey spent six hours on the platform, asking Twitter users for improvement suggestions

The proposal asks the company 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.”

The idea comes from a petition calling for a co-op structure, signed by some 3,500 people.  Although the platform is known for being a popular source for news and information, it can’t seem to produce a profit. “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,” the petition reads, in-part.

However, the company remains skeptical about the proposed transformation. Twitter argues, “the proposal is not in the best interests of Twitter and our stockholders.”

Many people see the microblog’s potential but are unsure how to tap it. The social network just released Twitter Lite, a progressive web app, built in partnership with Google. The company continues to make improvements and recently published ad copywriting tips to encourage brands to spend more on the platform.

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