According to reports, after a decade of trading under the name “Facebook”, the social media giant is getting rid of the last vestiges of its old corporate image, and this Thursday it began to trade with a new one. The ticker META trades, abandoning the FB symbol that has been in use until now.
In October 2021, Facebook Inc. officially changed its name to Meta Platforms, and the company firmly believes that the “metaverse” (a new shared virtual realm) will replace the mobile Internet.
Meta co-founder and CEO Mark Zuckerberg started Facebook in 2004 from his Harvard dorm room as a way for students to meet over the Internet.
Little did the 19-year-old student know at the time, that Facebook would become an integral part of many people’s social lives, with nearly 3 billion monthly active users and subsequent acquisitions of popular social media apps including Instagram and WhatsApp, and enrich their business.
Nearly 20 years after its founding, his company is pouring billions of dollars into the metaverse by adding new capabilities to hardware devices that act as access points, a place where users can work, and socialize the Futuristic concept of a virtual environment for and entertainment.
Art Hogan, the chief market strategist at National Securities in New York, said: “Companies that change their official name and ticker symbol are often trying to send a signal that something fundamental has happened to their underlying business model change. But I’m not sure if it really makes a big difference. I still call them Google and Facebook.”
Meta’s shares have fallen nearly 42% so far this year, as they grapple with criticism from lawmakers and regulators over its market power, algorithmic decision-making, and its oversight of abuses.
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