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Meta has taken a significant step toward unfriending its identity as Facebook, shedding its “FB” stock exchange ticker in favor of “META.”
The social media platform’s stock is tradeable under the ticker META on Wall Street as of Thursday morning. The company changed the ticker from FB to META as part of its efforts to rebrand as Meta in hopes of continuing its pursuit of building the “Metaverse.”
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The company decided to delay relabeling its ticker as META until Thursday due to another company owning the ticker. Exchange-traded fund Roundhill Ball Metaverse ETF initially had META as its ticker, prompting Meta to delay its acquisition of the META ticker until the first quarter of 2022. Roundhill announced in January that it was changing its ticker to METV.
Facebook changed its corporate name to Meta in October 2021. While the decision was initially mocked, it has set the tone for the company’s endeavors in “moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.”
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The transition has been rocky due to the sudden shift in technological focus, slowing user growth, and growing scrutiny inspired by whistleblowers like Frances Haugen. Meta has seen its stock drop more than 40% in the last year, according to the Motley Fool.
The company has also experienced notable leadership changes in the previous year, including COO Sheryl Sandberg and tech investor Peter Thiel stepping down from their roles at the company.
