Today, the company formerly known as Facebook doubled down on its metaverse-first identity, changing its Nasdaq ticker symbol from FB to META.
The rebrand did not bring about any immediate change in fortune for the social media giant’s beleaguered stock.
At market close on Thursday, the stock formerly known as FB fell 6.43% for the day. META is currently trading at $184.00, a number approaching the stock’s all-time-low of $174.95 reached late April.
In October, CEO Mark Zuckerberg announced Facebook’s name change to Meta, a rebranding that underscored the company’s commitment to the still-nascent metaverse as the future core of its business. Since the announcement in October, Meta’s stock has fallen almost 42%. In February, it dropped 26% in a single day, on the heels of a Q4 2021 earnings report that revealed stagnant user growth as the company shifted its resources to metaverse-related ambitions. Today’s stock drop comes during what has been a difficult quarter for the stock market generally, and for crypto-related companies specifically. The Nasdaq was down 2.75% today; Meta’s drop was more than double that.
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