Zuckerberg Likely Behind Meta’s Rejection of Bitcoin Treasury Plan

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Meta shareholders overwhelmingly shot down a proposal to assess Bitcoin as a treasury asset, with just 0.08% in favor. CEO Mark Zuckerberg, who controls 61% of voting power, is believed to have opposed the motion.

The proposal, pushed by Bitcoin advocate Ethan Peck, suggested Meta invest some of its $72 billion cash reserves into Bitcoin to combat inflation. However, with nearly 5 billion votes against, the idea was soundly defeated.

Peck, from wealth management firm Strive, argued that Meta’s cash-heavy balance sheet loses value over time. He also referenced BlackRock’s stance that a small Bitcoin allocation could be prudent.