Meta Platforms delays ticker swap two days before effective date
BNN Bloomberg
Meta Platforms, the company known as Facebook until a name change last month, postponed the adoption of a new ticker that was set to take effect this week.
Meta Platforms Inc., the company known as Facebook until a name change last month, postponed the adoption of a new ticker that was set to take effect this week.
The new symbol -- previously announced as MVRS -- won’t be become effective until the first quarter of 2022, the company said in a statement Monday, without giving a reason for the delay. The change was set to start on Dec. 1.
Chief Executive Officer Mark Zuckerberg unveiled the corporate rebranding in October amid heavy scrutiny of its social media services. The new ticker is a nod to the metaverse, the virtual reality world that the company now sees as its key focus. The tech giant has used the FB symbol since its 2012 initial public offering.
The name and ticker change has sowed confusion for some investors. An exchange-traded fund with the ticker symbol META and Nova Scotia, Canada-based Meta Materials Inc. both surged in the days following the announcement.
