Banking

Out With The Old, In With The New: Facebook Changes Name To Meta

Facebook (FB) is now called Meta, the company announced Thursday, a name change designed to reflect its growing ambition beyond social media toward new ways of communicating and interacting in what the company calls the “metaverse.” Facebook stock moved up on the news.




X



The company made the announcement at Facebook Connect, the company’s annual conference focused on alternate reality and augmented reality technologies. Facebook expects the metaverse to have multiple applications in the real world, from research and development to high-tech entertainment.

The company will also change its Facebook stock ticker from FB to MVRS, effective Dec. 1, Facebook said in the announcement.

Facebook stock jumped 3.4% near 322.95 during afternoon trading on the stock market today.

The name change comes during a tumultuous period for Facebook, slaughtered in media reports for its business practices across many years. The stories are based on thousands of documents provided by former employee Frances Haugen, who was a product manager at the company. That led to an explosive hearing and testimony from Haugen early this month.

Moreover, it’s been losing its core audience of teenagers and young adults.

Facebook Stock: Building A Successor To The Mobile Internet

“We basically believe that the metaverse is going to be the successor of the mobile internet, that it’s going to enable social experiences that are the ultimate expression of what we try to build, which is allowing people to feel really present with the people they care about no matter where they actually are,” Zuckerberg said.

In the metaverse, for example, two people could have the experience of being in the same room when in fact they could be a continent apart.

But the metaverse is another world away and will take years to build and billions of dollars in investments. And that’s if it succeeds. It’s no kids’ game.

“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday

Facebook stock is down 16% from its record high set in September.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

YOU MAY ALSO LIKE:

How Many Times Can Facebook Stock Rebound From Another Big Scandal?

Facebook’s ‘Metaverse’ Gamble: Is A Name Change In The Works?

Facebook Stock Retakes Ground After Damaging Revelations, Mass Outage

Facebook Stock Still A Buy? Analyst Touts Facebook As It Looks For A Floor

Lawmakers Are Piling On Big Tech In Ways Like Never Before


Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button