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Facebook Parent Meta to Ditch FB Stock Ticker Symbol

por Augusta Tharp (2022-10-07)

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Facebook parent company Meta Platforms said Tuesday that its stock will begin trading on the Nasdaq exchange under the ticker symbol META on June 9, replacing the FB symbol it went public with a little more than a decade ago.The ticker symbol change comes roughly seven months after Facebook announced its rebranding to Meta to reflect the company's focus on building the metaverse, a virtual world where people can work, play, learn and connect with their friends and family.At the time, Facebook announced it would start trading under the new stock ticker MVRS but later said it would delay the change until the first until the first quarter of this year.Roundhill Investments had used the META stock symbol for its Roundhill Ball Metaverse ETF but relinquished it in January, allowing Meta to take over ownership.The change comes at a challenging time for the social networking giant. In February, the company reported disappointing fourth-quarter earnings and a drop in daily users, underscoring how much it relies on social media, though it did see a rebound in the first quarter of this year. Facebook founder Mark Zuckerberg has noted other challenges facing Meta, including Apple's privacy changes, regulation and the war in Ukraine.

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