Meta Platforms Continues Step Away from Facebook Brand with Ticker Symbol Update

Meta Platforms on Monday (May 31) took another step toward removing the Facebook branding from its company property with the announcement its Class A common stock will begin trading on NASDAQ under the ticker symbol META before the market opens June 9.

The ticker symbol update will replace the current symbol, FB, which the social media platform has used since it went public in 2012. The Meta Platforms brand was first announced by the company formerly known as Facebook on Oct. 28.

Shareholders are not required to take any action to preserve their stock when the ticker symbol change takes effect next week, the press release said. The company’s Class A common stock will continue to be listed on NASDAQ, and its Committee on Uniform Securities Identification Procedures (CUSIP) number, which identifies stocks in the U.S. and Canada, will remain unchanged.

Related: Facebook Pay to Be Rebranded Meta Pay

Earlier this month, Meta Platforms announced plans to rename Facebook Pay — its payment system available across Facebook, Messenger, Instagram and WhatsApp — as Meta Pay “soon,” according to a blog post by Stephane Kasriel, Meta’s head of commerce and financial technologies. Meta’s platforms are used by businesses in 160 countries, he wrote.

Also read: Meta Says Metaverse Will Be Worth $3T

Also, earlier this month, Meta’s president of global affairs Nick Clegg defended the company’s eye-popping investments in the metaverse, saying in a blog post that he believes the technology will change how consumers use the internet.

Clegg compared the transition to the metaverse to the way our browsing preferences have gone from using desktop computers to smartphones. The metaverse is expected to be interconnected online worlds accessible through virtual reality and augmented reality headsets and apps.

A Meta-funded study by Lau Christensen and Alex Robinson, both of the economic consulting firm Analysis Group, estimated that the metaverse will contribute $3 trillion to the global economy by 2031.