Seven months since it launched its rebrand to Meta Platforms (Nasdaq: FB), the company is now looking to wrap it up with a ticker symbol change. The social media giant announced on Tuesday that it will trade on the Nasdaq under its new symbol “META” starting June 9, 2022.
The controversial name change announced in October 2021 was the company’s thrust towards the metaverse space. “From now on, we’re going to be metaverse-first, not Facebook-first,” CEO Mark Zuckerberg said.
But the rebrand has faced a lot of criticism as the company was embroiled back then in numerous issues tied to Facebook’s identity, including a then-investigation led by the US Congress itself. The change also faced a number of patent infringement issues, including with a company already named Meta and a Chinese firm applying for a trademark for the same name.
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The social media firm, however, is still being hounded by issues, most recently with the expose called Facebook Papers by whistleblower Frances Haugen who claimed that the company prioritized user engagement over public health effects.
In April 2022, a The Washington Post piece revealed that the company bankrolled a “bare-knuckle” campaign that communicates TikTok as the “real threat” to young teens.
The new symbol will replace the current “FB” ticker which the company has used since its initial public offering in 2012. The firm also advised that no action is required from its stockholders.
Meta Platforms last traded at US$193.64 on the Nasdaq.
Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
