After a decade of trading as Facebook (now Meta), the company is shedding its last corporate Avatar completely. Meta stated on Tuesday that its stock ticker symbol will be changed to “META” before the market opens on June 9.
Since the company’s initial public offering in 2012, the ticker ‘FB’ has been in use.
Facebook’s trading symbol changed to “META”
Meta’s co-founder and CEO, Mark Zuckerberg, founded Facebook in 2004 from his Harvard dorm. It was meant as a platform for students to connect over the internet. With over three billion monthly users, the then 19-year-old student had no idea that Facebook would become a vital part of many people’s daily lives.
Mark has even grown its universe to encompass famous social networking apps Instagram and Whatsapp. The company is constantly investing billions of dollars in the metaverse. It is a future concept of virtual environments where users may work internationally, socialize, and play.
The company is adding new capabilities to its physical devices that will serve as access points in the future. In October, Meta changed its name from Facebook to reflect its goals beyond social networking.
Meta, at the time, announced that its stock ticker would change to “MVRS” on December 1 last year. The company said in late November last year that the move would be postponed until the first quarter of 2022.
Since then, Roundhill Investments has announced that it will no longer use the “META” ticker for its Roundhill Ball Metaverse ETF. Meta was able to take it because of this. The ticker symbol change does not need any action from the company’s shareholders, according to Meta.
According to a report by economic times; “Companies that change their official name and ticker are usually trying to signal that there has been a fundamental change in the underlying business model,”. Art Hogan, The chief market strategist at National Securities in New York, said.