Since Facebook was renamed Meta, the stock exchange has listed Facebook shares under a new name. But the abbreviation remained the same until the very end. The US group has also discarded the last remnants of its old name. The stock exchange abbreviation META has been in effect since June 9, although it should be something else at first.
At the end of October 2021, Mark Zuckerberg announced the renaming of Facebook to Meta. Critics complained that the US company only wanted to distract from the abuses in its own company. Above all, the new name stands for the future orientation: the virtual Metaverse.
However, the Facebook or Meta share was still traded on the stock exchange under the old abbreviation “FB.” Now, however, Meta has also changed its name here. The shares of the US group have been listed under the ticker symbol “META” since June 9, 2022. The company initially wanted to use a completely different ticker symbol.
Facebook Stock: Meta Changes Ticker Symbol From FB To META
When Mark Zuckerberg announced the renaming of Facebook to Meta at the Facebook Connect event on October 28, 2022, those responsible also announced a new ticker symbol. At that time, it was said that the NASDAQ listing of the US group should receive the ticker symbol “MVRS” after around ten years under the abbreviation “FB.”
Here, too, all characters initially pointed to Metaverse. The abbreviation META was out of the question at the time since there was one investment fund that had used the symbol before. In January 2022, however, the fund abandoned the acronym.
The Zuckerberg group has filed new filings with the US Securities and Exchange Commission to use the symbol META for its shares instead of the abbreviation MVRS. The company has discarded the last remnants of its old name by changing its ticker symbol from FB to META.
Meta Share: Down 40 Percent In Six Months
Almost two decades after its founding in 2004, Meta is now investing billions of dollars in what it calls the Metaverse. It should be a virtual environment where users can work, communicate with each other, and interact with real feelings.
This Metaverse should also open up new marketing strategies for the US group and guarantee advertising revenue. So far, however, it is a futuristic idea that still needs a few years of development. Meanwhile, Art Hogan, chief Market strategist at National Securities in New York, told Reuters :
Companies that change their legal name and ticker usually try to signal that the underlying business model has fundamentally changed.
“I’m not sure if it makes a big difference. I still call them Google and Facebook.” He is alluding to Google’s parent company Alphabet. The Meta share has lost over 40 percent in the past six months. The US group is repeatedly accused of data protection violations and abuse of Market power. The company has discarded the last remnants of its old name by changing its ticker symbol from FB to META. Companies that change their legal name and ticker usually try to signal that the underlying business model has fundamentally changed.