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Facebook parent Meta’s new ticker will be officially known as META beginning on June 9th as the company continues in the metaverse direction.
Facebook parent Meta Platforms Inc (NASDAQ: FB) confirmed on Tuesday that its Nasdaq ticker will change to META from June 9th. The multinational tech conglomerate’s new META moniker replaces FB, and emphasizes the company’s metaverse-oriented direction. Last October, the company also changed its name from Facebook Inc to Meta Platforms, Inc. At the time, the Facebook and Instagram parent also had plans to change its Nasdaq ticker to MVRS (metaverse) to go with its rebranding. However, after the original Meta ticker resident Roundhill Ball Metaverse ETFvacated the symbol to become METV, Meta Platforms pounced on the vacant META ticker. The tech giant quickly communicated with investors and customers alike that it would use META instead. This came amid Meta’s first-ever drop in daily active users.
The planned shift to the Meta ticker by the Facebook parent will become official before the market opens on June 9th. In addition, Meta has already filed paperwork with the Securities and Exchange Commission (SEC) to that effect.
New Meta Ticker Meshes Well with Facebook Parent’s Overarching Metaverse Ambitions
Meta continually showcased its vision late last year for the future of social media and how it fits into the budding metaverse. In October last year, the company posted a pivotal Twitter message that sums up its metaverse aspirations. The post read:
“Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection.”
Furthermore, in a media session in October last year, Meta CEO Mark Zuckerberg provided insight behind the name change.
“I think we’re basically moving from being Facebook first as a company to being metaverse first,” Zuckerberg explained.
In addition, the tech giant’s CEO also put forth a live demonstration that hints at what the metaverse concept entails. Zuckerberg explored several shared spaces and environments as a cartoonish avatar of himself. Furthermore, the Meta CEO’s demo also featured online events, such as concerts, games, and work scenarios. He also used Meta Quest 2 virtual reality headset to show its functionality application.
Although Zuckerberg’s extensive demo seemed ambitious and upbeat, many investors had concerns concerning the project. They worried that the resources required for Meta’s metaverse vision might be voluminous and also expressed concerns about whether users would gravitate towards it. With this investor perspective in mind, it may be unsurprising that Meta’s stock has plunged significantly in the ensuing months. This was highlighted by a Q4 2021 earnings miss back in February. Meta shares are currently trading at just over $192 a pop. This is some way off the $317 it was at on the day it changed its name.
Meta COO Steps Down
In other news, Meta’s long-serving Chief Operating Officer Sheryl Sandberg is stepping down from her role in the company. Sandberg joined Meta back in 2008 and was instrumental in transforming the company into a tech powerhouse. Chief growth officer Javier Olivan will take over the position.
However, Sandberg will continue to serve on Meta’s board of directors.