When the company, formerly known as Facebook, announced its rebranding plan last October, it also announced a new stock ticker. At the time, executives said that after ten years as FB, the NASDAQ listing would move to MVRS for the metaverse. However, after the investment fund listed under META exited the symbol in January, Meta Platforms was quick to confirm that it would use META, while simultaneously announcing the first drop in the number of daily active users. Now it has filed paperwork stating that the shift will become official before the market opens on June 9 (via CNBC).
Right now, people still consider Meta to be the home of Facebook, WhatsApp, and Instagram, but the plan is to make it much more than those social media pillars. Changing the company’s name wasn’t enough for all investors to believe in Mark Zuckerberg’s vision. Their patience is particularly short given the combination of “headwinds” (competitors, regulators and a pandemic-ravaged economy) that business leaders refer to when discussing various issues that are weighing on user growth and profitability.
Developing content for the metaverse and augmented and virtual reality gear that will let people experience it is costing the company billions of dollars now, with the potential payoffs still years in the future. But as the new footer for its company statements reads, “Now Meta is moving beyond 2D screens to immersive experiences like augmented and virtual reality to help build the next evolution in social technology.” Another brand element to drive that home can’t hurt, at least while the next-gen headset only makes cameos in blurry demo footage.