Facebook’s stock has risen dramatically since the company announced its name change to Meta. The only question was whether the shares were truly their own or a stock product of another corporation.
Investors are no strangers to product names that sound identical. As a result, people began buying shares of the furniture business Ethan Allan in May 2021 by mistake due to the ticker being identical to the Ethereum coin ETH. Buyers of Facebook shares have now experienced a similar “disaster.”
Investors mistakenly began buying shares of the Canadian company Meta Materials, a manufacturer of composite materials for various industries ranging from aviation to the automotive industry, in an unbridled desire to invest their money in the “updated” social network, now transformed into a metaverse. Meta Materials’ stock rose 4.8 percent on the Nasdaq stock exchange and 25 percent in the postmarket due to the enthusiasm.
On the other hand, Reddit users pointed out that the company’s stock has already earned the moniker “meme,” with a recent surge of more than 260 percent. As a result, some argue that Facebook was not the catalyst for the growth. However, the occurrence occurred too soon after the announcement of the rebranding, making it exceedingly unlikely that the rise in quotations is unrelated to Mark Zuckerberg’s invention.
The ticker FB will remain unchanged until December 1, 2021, when Meta, formerly known as Facebook, plans to begin trading on the market.
Previously, investors made the same mistake with tech startups like Zoom, Signal, and others, mistaking them for small local businesses. “When will individuals learn to look at what they’re investing in more closely?” is the query. It appears to be open.