The regular Twitter shareholders meeting is scheduled for Wednesday It did not include voting on billionaire Elon Musk’s $ 44 billion bid for the social platform. This vote will take place on an as yet uncertain date in the future.

Musk did not join the meeting, He could, however, be one of Twitter’s largest shareholders.

But the drama surrounding his offer – almost everything created by Musk himself – threatened Wednesday’s trial. Shareholders who submitted bids on the ballot often referred to his name. One of the proposals submitted by the New York State General Pension Fund called for a report on Twitter’s corporate policy contributions and procedures. It was approved by preliminary vote.

The two proposals submitted by the Conservative groups did not get enough votes. One called for an audit of the company’s “civil rights and non-discrimination impact” and referred to “anti-racist programs aimed at promoting” racial / social equality “as” deeply racist “. The other requested more information about the company’s lobbying activities.

Several suggestions addressed the deep existential conflict that is taking place between Twitter users, employees and shareholders. While shareholders on one side criticize the company for what they see as overly liberal policies and bias toward conservatives (for which there is no credible evidence), others say the company fails to protect consumers from harassment, abuse and misinformation.

Musk’s Decree on Freedom of Speech -Who indicated that he runs the company if he takes over, without offering details- This only intensified the conflict.

Musk promised that the capture of Twitter would allow him to do so Free the social media platform from its annoying “spam bots”. But he argued, without presenting evidence, that there might be too many of those automated accounts that the transaction did not take place.

The abrupt turn of the world’s richest man makes little sense except to throw in tactics or renegotiate. A deal that is becoming more and more expensive, Experts said last week. The fact that all of this is happening in public – not least on Twitter – only exacerbates the chaos that was constant in Musk’s offer, even before he did.

In early May, Mercury billionaire wrote on Twitter that there was a deal “Suspension” Because he wanted to establish the number of spam and fake accounts on the social media platform after saying that his own rating on Twitter is too low.

Experts say Musk could not unilaterally suspend the deal, though that did not stop him from acting as if he could. If he leaves, he may have to pay $ 1 billion. Twitter, on the other hand, could sue Musk in court to force him to execute the deal, though experts say this is highly unlikely.

Uncertainty erupted over Twitter shares. Investor concerns about the social media sector have led to a decline in shares this year. Late Monday, Snap, which runs Snapchat, which includes faded messages and special video effects, issued a terrible revenue warning that said “the macroeconomic environment is deteriorating faster and faster than expected.” From last month.

Social media companies are competing with the same pool of advertising money that is increasingly threatened From rising inflation as well as changes in Apple, which could limit the collection of user information by social media platforms, which is a huge selling point for advertisers.

Shares of Snap Inc. fell 43% on Tuesday, though they recovered part of their losses on Wednesday, rising nearly 12% to $ 14.31.

Shares of Twitter rose $ 1.09, or 3%, to $ 36.83 in midday trading on Wednesday. Musk agreed to pay $ 54.20 per share.

At its annual shareholders’ meeting on Wednesday, Facebook parent company Meta Platforms and its founding CEO, Mark Zuckerberg, Met with harsh criticism from shareholders.

Criticism has focused on Facebook’s algorithms, poor control over misinformation and hateful content, which dissatisfied shareholders say. They disrupted democracy, led to killings and unrest, and had a corrosive effect on children.

Dissatisfaction inspired a series of suggestions that They plan to demand that Meta be subject to more independent oversight of Facebook, Instagram and their other products, reducing Zuckerberg’s power.Whose majority stake in the company forced an outraged shareholder to call him an “elite oligarch” during a 70-minute meeting.

But none of the 12 proposals received more than 30% support. According to preliminary results announced on Wednesday. This one-sided result largely reflects Zuckerberg’s tight grip on most of his stake in the company he created at Harvard Dormitory almost 20 years ago.

The president of Meta, as well as its CEO and the other eight directors of the company, also received more than 90% support to continue their positions. Absolute support came just days after New York’s major pension fund, which owns Meta shares, said it would vote for directors in protest.

(Barbara Ortutay – AP)

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