META Stock Closes Down 6.43% after Its Long-Awaited Ticker Change

UTC by Benjamin Godfrey · 3 min read
META Stock Closes Down 6.43% after Its Long-Awaited Ticker Change
Photo: Unsplash

With the Meta Platforms ticker symbol change, the company can now be better tagged to embodying the metaverse it seeks to pioneer.

Meta Platforms Inc (NASDAQ: META), formerly known as Facebook has officially changed its ticker symbol on the Nasdaq Global Select Market, a move that is being anticipated since it announced its name change back in October last year.

The name change further pitches the company in line with its broader ambitions to embrace the metaverse as the future focus of its business. The name and eventual ticker change came with a lot of downturn for the company in relation to its share plunge. The stock closed 6.43% down on Thursday to $184 per share, a trend that researchers had found to be peculiar with ticker changes, Barrons, a financial news service reports.

The plunge can also be attributed to a significant reduction in trading volumes as a result of the ticker symbol change. This comes off as observed trends over time and may be what impacted traders’ inability to bet on the stock in the short while.

Since Meta Platforms identified its shift into the metaverse, its shares have fallen by as much as 42%, a trend that has attracted a lot of schools of thought as to the suitability of the entire move. In February this year, Meta Platforms stock slumped by as much as 26% in a single day, a plunge that wiped out as much as $230 billion from the company’s valuation as reported at the time by Coinspeaker.

The latest decline steers Meta Platforms closer to its all-time low stock price of $174.95, however, the broader decline models related trends for all tech-based companies trading on US bourses.

Meta Ticker: a Reflection of Its Broader Focus

With the Meta Platforms ticker symbol change, the company can now be better tagged to embodying the metaverse it seeks to pioneer.

While largely attached to the Web3.0 ecosystem, Meta joins a host of tech companies designing the model for its metaverse embrace as the industry is still new. In a push to achieve some of its aims, the company has been filing a series of trademarks for some of the innovations it is bringing to life.

Meta platforms typically have a major headstart with their metaverse pursuit as it is already a prominent player in the Augmented and Virtual Reality world. The company owns Oculus, an AR/VR hardware maker through which it can scale up the production of headsets or other products to channel its proposed metaverse products.

The company is actively conducting research and investing in its metaverse ambitions, as it strongly believes that the future of work, social interactions, and major human digital communications will be primarily defined by innovations in the metaverse.

Though it has competition from the likes of ByteDance, TikTok’s parent company, Meta Platforms is confident in the role it occupies as one of the pioneers of social media, a trend it is bringing into the metaverse scene.

Business News, Market News, News, Stocks
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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