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Meta unfriends FB ticker in ultimate farewell to Fb period


(Reuters) – After a decade of buying and selling as Fb, the social media big is shedding the final vestige of its previous company avatar because it begins buying and selling underneath the ticker image ‘META’ on Thursday.

Meta Platforms Inc rebranded from its eponymous social networking platform in October 2021, betting that the metaverse, a shared digital realm, will succeed cell web.

Mark Zuckerberg, Meta’s co-founder and CEO, established Fb in 2004 from his Harvard dorm as a manner for college students to satisfy by way of the web.

Little did the then 19-year-old scholar know that Fb would change into integral to many individuals’s social life, with practically three billion month-to-month customers, and develop to incorporate standard social media apps Instagram and Whatsapp in its universe.

Almost 20 years on, his firm is pouring billions of {dollars} into the metaverse, a futuristic thought of digital environments the place customers can work, socialize and play, by including new options to {hardware} gadgets that function entry factors.

“Firms that change their official identify and ticker are normally attempting to sign that there was a elementary change within the underlying enterprise mannequin,” Artwork Hogan, chief market strategist at Nationwide Securities in New York, stated.

“I am undecided if it actually makes a lot of a giant distinction. I nonetheless name them Google and Fb,” Hogan added.

Meta shares have fallen practically 42% this yr because it battles criticism from lawmakers and regulators over its market energy, algorithmic choices and its policing of abuses.

(Reporting by Eva Mathews and Shreyashi Sanyal in Bengaluru; Modifying by Devika Syamnath)



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