The world's largest social media company announced a rebrand back in October. Here's a look at how shares have performed since the announcement.
What Happened: Facebook announced a rebrand to Meta on Oct. 28, 2021, as reported on Benzinga Pro.
“Connection is evolving and so are we,” the company said at the time. “The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.”
CEO Mark Zuckerberg announced the name change at the Facebook Connect event.
“To reflect who we are and what we hope to build, I am proud to announce that starting today, our company is now Meta,” Zuckerberg said.
Zuckerberg said from that moment on the company would be “metaverse-first, not Facebook-first.”
The name change from Facebook followed years of investing in virtual reality and the growth of the metaverse including the $2 billion acquisition of virtual reality company Oculus in 2014.
Facebook said it would change its ticker to MVRS. The company announced in February 2022 that it would change its ticker to META in the first half of 2022.
The company is currently traded as Meta Platforms (NASDAQ:FB) with the ticker FB.
Related Link: Meta Platforms (Facebook) Q4 Earnings Takeaways: Big EPS Miss, Revenue Beat, New Ticker
Investing $1,000 In FB: Shares of Facebook were trading around $325.52 on Oct. 28, 2021 when the rebrand and new company focus were announced.
A $1,000 investment in Facebook shares could have bought 3.07 shares at the time. The $1,000 investment would be worth $546.37 today, based on a price of $177.97 for Meta Platforms shares at the time of writing.
Investing in Facebook after its rebrand announcement was made would have resulted in a loss of 45.4%.
