After a decade of buying and selling as Facebook, the social media big is shedding the final vestige of its previous company avatar because it begins buying and selling beneath the ticker image ‘META’ on Thursday.
Meta Platforms Inc rebranded from its eponymous social networking platform in October 2021, betting that the metaverse, a shared digital realm, will succeed cellular web.
Mark Zuckerberg, Meta’s co-founder and CEO, established Facebook in 2004 from his Harvard dorm as a manner for college kids to fulfill by way of the web.
Little did the then 19-year-old scholar know that Facebook would grow to be integral to many individuals’s social life, with practically three billion month-to-month customers, and develop to incorporate fashionable social media apps Instagram and Whatsapp in its universe.
Nearly twenty years on, his firm is pouring billions of {dollars} into the metaverse, a futuristic thought of digital environments the place customers can work, socialize and play, by including new options to {hardware} gadgets that function entry factors.
“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, chief market strategist at National Securities in New York, stated.
“I’m not sure if it really makes much of a big difference. I still call them Google and Facebook,” Hogan added.
Meta shares have fallen practically 42% this 12 months because it battles criticism from lawmakers and regulators over its market energy, algorithmic selections and its policing of abuses.
Source: www.financialexpress.com”