Can I already buy Meta shares? Facebook's name change skyrocketed the value of Meta Materials
Facebook's name change to Meta prompted many investors to buy shares in Meta Materials, a Canadian company that has nothing to do with Mark Zuckerberg.
Tremendous confusion! Yesterday afternoon, Mark Zuckerberg surprised the world by announcing the name change of Facebook Inc. to Meta . In an unexpected twist, many investors, believing they could already buy Meta shares , began investing in the Canadian company Meta Materials , which has nothing to do with the tycoon or his corporate.
In a case of mistaken identity, shares of Meta Materials Inc. , which trade under the symbol 'MMAT' , soared 26% in post-Nasdaq trading. In premarket trading on Friday they rose 5% to $ 4.79 and nearly a million shares were sold.
The Halifax-based company in Canada's Nova Scotia province had a market value of about $ 1.3 billion, according to Refinitiv. Thanks to the misunderstanding, the company is now worth just over $ 1.5 billion .
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George Palikaras , founder and CEO of Meta Materials , referenced the confusion on his Twitter account.
"On behalf of Meta Materials I would like to warmly welcome the #metaverse to Facebook," Palikaras wrote on Thursday.
Facebook also had a slight rise
For its part, Facebook shares, which still trade under the symbol 'FB' on Nasdaq , they also registered an increase close to 5.5%. On Thursday morning, before the big announcement, each share was trading at $ 308.58 (about 6,300 Mexican pesos. As of this Friday morning, the shares of Zuckerberg's company registered a maximum price of $ 325.59.
Source: Yahho Finnace .
During Thursday's announcement, the Facebook founder also noted that the official corporate name will be Meta Platforms and the shares will trade under the symbol MVRS as of December 1 .
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What is Meta Materials and what does it have to do with Facebook?
The Canadian company Meta Materials specializes in the design of materials for various industries, including electronics, aerospace and consumer.
As we already explained, the Canadian company has no relationship with Facebook Inc. , it just happens that its name and ticker symbol (MMAT) confused many investors.
In recent months, the value of Meta Materials has undergone drastic variations. Through platforms such as Reddit and social networks, retail investors have boosted the shares of this company until reaching a price of almost 22 dollars (about 450 Mexican pesos) last June.