| | | We live amongst idiots!
Meta shares spike — but it’s a Canadian materials company, not the rebranded Facebook
Meta Materials spiked late on Thursday, for the same reason that Zoom Technologies rallied in 2019 and Signal Advance surged in January: It’s all about the name.
Facebook co-founder Mark Zuckerberg on Thursday said his company will now be called Meta. The official corporate name will be Meta Platforms and, starting Dec. 1, the stock will trade under ticker symbol MVRS.
Meta Materials has nothing to do with Facebook. It’s a Canadian material science company, whose technology is used for things like “transparently blocking a specific color of light, or invisibly heating a window in a car,” according to its website.
Sometimes investors don’t know or don’t really care.
After the close of regular trading on Thursday, shares of Meta Materials, which trades under ticker symbol MMAT, surged as much as 25%, following a 4.8% gain during market hours. With the rally, the company is worth just over $1.5 billion, a fraction of a percent of the value of the company formerly known as Facebook.
George Palikaras, the CEO of Meta Materials, tweeted on Thursday, “I would like to cordially welcome @Facebook to the #metaverse.”
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More at cnbc.com |
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