On June 9th, the parent company of Facebook and Instagram will change its stock ticker to META
When the business formerly known as Facebook announced its intention to rebrand in October of last year, it simultaneously revealed a new stock ticker. Executives stated at the time that after ten years as FB, its NASDAQ listing would be changed to MVRS for the metaverse. However, as the META-listed investment fund vacated the symbol in January, Meta Platforms swiftly stated that it will use META instead, while also disclosing its first-ever drop in daily active users. It has now filed documentation indicating that the change will become official before the market opens on June 9th.
People still think of Meta as the home of Facebook, WhatsApp, and Instagram for the time being, but the idea is to make it much more than that. Changing the company’s name hasn’t convinced all investors of Mark Zuckerberg’s goal. Their patience is especially short given the combination of “headwinds” (competitors, regulators, and a pandemic-stricken economy) that firm executives mention when discussing numerous difficulties that limit its user growth and profitability.
Creating material for the metaverse and the augmented and virtual reality gear that will allow people to experience it is currently costing the corporation billions of dollars, with possible payoffs years away.