In recent days, shares of a Canadian corporation have risen dramatically in price. Surprisingly, Facebook is responsible for all of its recent success. Because of the name change, many people hurried to invest in the Canadian retailer Meta Material after it became a popular rumor that Facebook had changed its name to Meta. Investors apparently confused shares of Nova Scotia-based Meta Materials with those of the social media behemoth. After Facebook revealed its new name, shares of Meta Materials jumped 26% in after-hours trade.
In a recent announcement, Facebook stated that it would be transitioning to the name Meta. The company rebranded so that all of its platforms would be housed under the umbrella of Meta Platforms, with the goal of putting the “metaverse” first.
During the trading day, more than 12 million shares of the Canadian corporation changed hands, according to a report by CBC. According to the article, that’s considerably higher than the daily average. In a description on its website, the company claims that its technology can “transparently block a specific color of light, or invisibly heat a window in a car.”As of December 1, 2021, Facebook’s Meta Platforms will be traded under the ticker name MVRS, while Meta Materials will continue to use the MMAT symbol.
Interestingly, George Palikaras, CEO and founder of Meta Material, officially welcomed Facebook into the “metaverse” on Thursday after the company’s rebranding. The event was commemorated by a tweet from Palikaras, who expressed his gratitude for Facebook’s inclusion in the metaverse on behalf of the company.
While this is the first time a smaller company has benefited from an instance of mistaken identity, it is far from the last.
According to CBC, a dormant electronics company called Tweeter Home Entertainment Group noticed a rise in the share price of 1,400% in 2013 after Twitter declared its intention to go public. In the meantime, Palikaras revealed another Facebook connection by saying that the company, together with Facebook’s VR team, would be featured in an upcoming online lecture.