Facebook Stock Falls 6% After META Ticker Change

Today the company formerly known as Facebook doubled down on its metaverse-first identity, changing its Nasdaq ticker symbol from FB to META.

The rebrand did not bring about any immediate change in fortune for the social media giant’s beleaguered stock.

At market close on Thursday, the stock formerly known as FB fell 6.43% for the day.

META is currently trading at $184.00, a number approaching the stock’s all-time low of $174.95 reached in late April.

the ticker change will be unlikely to remedy the myriad issues currently facing the company:

In late October, CEO Mark Zuckerberg announced Facebook’s name change to Meta, a rebranding that underscored the company’s commitment to the still-nascent metaverse as the future core of its business.

Meta’s stock has fallen almost 42%.

 In February, it dropped 26% in a single day, on the heels of a Q4 2021 earnings report that revealed stagnant user growth as the company shifted its resources to metaverse-related ambitions.

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