The name change from Facebook gives a Canadian company for special coatings one of the biggest price leaps in the company's history.
The renaming of the Internet network Facebook to Meta Platforms drove the price of Meta Materials stocks listed in the USA up 26 percent after the hours of the market.
Apparently investors had confused the names of the two companies.
In fact, it will take a while before Facebook becomes meta on the stock exchange. The group announced the change of name from Facebook, Inc. to Meta Platforms, Inc. with the US Securities and Exchange Commission on Thursday. However, the stock exchange abbreviation of the share is only to be changed from “FB” to “MVRS” on December 1, based on the “Metaverse”. For European users, on the other hand, nothing will change for the time being; The Irish subsidiary Facebook International will initially continue to be responsible for them. A reorganization is still being worked on, said Angelika Gifford, the manager responsible for Central Europe.
Investors grabbing the wrong shares in the heat of the moment is not an isolated incident: At the beginning of the coronavirus pandemic in March 2020, investors were fighting for the shares of Zoom Technologies.
However, the Chinese network security specialist has nothing to do with Zoom Video Communications, whose video conference system has enjoyed great popularity ever since.
At the beginning of this year, in the midst of the hype surrounding the US video game retailer GameStop, a mix-up of the ticker symbols catapulted the papers of the hitherto largely unknown Australian nickel producer GME Resources upwards.