Meta Platforms, formerly known as Facebook, has taken the final step to shed its previous identity. Meta Platforms, Inc. (Nasdaq: FB) has announced that its Class A common stock will begin trading on Nasdaq under the ticker symbol ‘META’ prior to market open on June 9, 2022. On the first day of trading under the new ticker, META stock is quoting around $197.95, a 0.65 per cent higher than previous day close.
This will replace the company’s current ticker symbol ‘FB’, which has been used since its initial public offering in 2012. The new ticker symbol aligns with the company’s rebranding from Facebook to Meta, announced on October 28, 2021.
Back in October 2021, CEO Mark Zuckerberg introduced Meta which brings together various apps and technologies under one new company brand. Meta’s focus is to bring the metaverse to life and help people connect, find communities and grow businesses.
According to the company – The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company.
The overall Facebook company is now called Meta, a social technology company. ‘Meta’ in Greek means ‘after’ or ‘beyond’. However, the Facebook app will retain its name and there’s no change for other apps.
If you are a META shareholder, no action is required with respect to the ticker symbol change.
Meta Platforms Inc. (FB) is a $529.53 Billion market cap company. The stock price of FB is around $196.29 and over the last 1-year, the price is down by over 40 per cent. Facebook along with Apple, Amazon, Netflix and Google forms the formidable group of technology companies called FAANG.