PANews reported on December 11 that according to Jinshi, voting results showed that Microsoft's major shareholders opposed the company's Bitcoin investment proposal on Tuesday. Microsoft's board of directors had earlier urged shareholders to reject a proposal from the National Center for Public Policy Research that the company invest 1% of its total assets in Bitcoin to hedge against inflation. At the annual meeting, MicroStrategy Chairman Michael Saylor gave a three-minute speech trying to convince Microsoft shareholders to support the proposal. His company has invested billions of dollars in Bitcoin. Data shows that Microsoft's largest shareholders are institutional investors, including Vanguard and BlackRock.