Meta, formerly known as Facebook, is also changing its stock symbol in the Metaverse rebranding

Mark Zuckerberg’s Meta Platforms highlighted his commitment to the Metaverse and announced that his old common symbol for FB, the old name of Facebook, will be changed to META on June 9th. Shares in the company, which also owns Instagram, Messenger and WhatsApp. The new Nasdaq ticker “coincides with the rebranding of the company”.

Facebook announced the company name change last October, announcing plans to spend tens of billions of dollars on what Zuckerberg called “the next chapter in social media,” but Wall Street fears it could be a fate.

“From now on, we will be Metavers first. “First of all, not Facebook,” the founder said at a conference held at the company event. This news shocked the industry, spoiled investors, confused employees, and didn’t cheer up Facebook’s share price. This came amid a flurry of negative press coverage last fall, with reports protesting the company’s business practices, including breaches of confidentiality, hate speech and disinformation, over a series of leaked documents from Frances Haugen. The switch to the Metaverse also happened when competitors like TikTok entered.

Shares of Facebook were up $ 193 today, from a high of $ 55 for the week of $ 55. The biggest drop was in February due to disappointing revenue and a drop in Facebook daily active users from Q1 to quarter.

Zuckerberg first introduced Wall Street’s “Metavers” a year ago, laying out a broad overview of his company over time, followed by massive annual investments. “This is the future we work for. A virtual environment where you can be with people in the digital space. “The Internet embodied your presence,” he said during a conference call.

The company’s Oculus division is a pioneer in headsets and augmented and virtual reality content.