META stock currently trades at a price-to-earnings (P/E) ratio of about 15 times. However, the rebrand has not helped FB stock in the near term.Īfter disappointing earnings, Meta Platforms’ share price has plummeted this year. Former Facebook executive turned whistleblower Frances Haugen appeared before Congress to criticize Facebook’s inaction, generating a lot of negative coverage for the company.įollowing Haugen’s testimony, Facebook announced it would rebrand as Meta to emphasize its new focus on virtual reality (VR) and the metaverse. Specifically, Facebook came under fire over accusations the company allowed misinformation, hate speech and more to be spread on the platform. The rebrand for Meta Platforms first cropped up after the company faced numerous scandals related to its social media platform. However, it doesn’t look like that is happening today. Some analysts have speculated the name change could be a catalyst for shares, which have been badly beaten down this year. This new ticker symbol is the last step Meta Platforms needs to take to shed its old corporate name and identity. Roundhill recently gave up the symbol, enabling Meta Platforms to use it for its stock. The reason for the delay may have been that Roundhill Investments had been using the META ticker for its Roundhill Ball Metaverse ETF (NYSEARCA: METV). Meta Platforms had planned to change its ticker symbol to “MVRS” last December, but the switch was repeatedly delayed. The former FB stock now trades at around $195 per share. META stock is down just under 1% today, bringing its year-to-date (YTD) decline to 42%. Essentially, Meta is removing the last vestiges of its former corporate identity. While the change is largely cosmetic, it does complete Facebook’s transformation. The name and brand change is meant to reflect the company’s increasing focus on developing the metaverse. This change in ticker symbol comes after the social media giant rebranded itself as Meta Platforms (NASDAQ: META) last fall. It’s the end of an era for Meta Platforms the FB stock ticker symbol long associated with Facebook is getting replaced by the new “META” ticker. In a call with analysts on Monday, Zuckerberg vehemently refuted the claims and critiques in the reports stemming from the documents provide by Haugen.Source: Blue Planet Studio / More documents are expected to be shared daily over the coming weeks. The reports show that the company is aware of many of the harms its apps and services cause but either doesn't rectify the issues or struggles to address them. The re-branding comes amid a barrage of news reports over the past month after Frances Haugen, a former employee turned whistleblower, released a trove of internal company documents to news outlets, lawmakers and regulators. Zuckerberg said "we still have a ways to go with Nazare, but we're making good progress." The glasses are "still a few years out," the company said in a blog post. Meta also announced the code name of its first fully AR-capable smart glasses: Project Nazare. Project Cambria will be released next year, Zuckerberg said. The device will be a high-end product available at a higher price point than the $299 Quest 2 headset, the company said in a blog post. "We believe the metaverse will be the successor to the mobile internet," Zuckerberg said.Īdditionally, Meta announced a new virtual reality headset named Project Cambria. Zuckerberg said a lot of this is a long way off, with elements of the metaverse potentially becoming mainstream in five to 10 years. The company expects "to invest many billions of dollars for years to come before the metaverse reaches scale," Zuckerberg added. The demo included users hanging out in space as cartoon-like versions of themselves or fantastical characters, like a robot, that represent their virtual selves. Zuckerberg used part of it to accuse other tech firms of stifling innovation with high developer fees. The demo was a Pixar-like animation of software the company hopes to build some day. Zuckerberg on Thursday provided a demonstration of the company's ambitions for the metaverse. The company also said this week it'd spend about $10 billion over the next year developing the technologies required for building the metaverse. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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