Stocks

Mistaken Facebook identity sees Meta Materials shares soar 32%

Bloomberg | | Updated on: Oct 29, 2021
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With the rally, the company is worth just about $1.3 billion

A day-trader favourite in the US soared in after-hours trading, as investors mistook it for Facebook Inc following the Internet giant’s rebrand.

After the close of regular trading on Thursday, shares of Canada’s Meta Materials Inc – which trades under ticker symbol MMAT – surged as much as 26 per cent, following a 4.8 per cent gain during market hours. With the rally, the company is worth just about $1.3 billion, a fraction of a percent of the value of the company formerly known as Facebook.

Also read: Facebook Inc rebrands as Meta to stress ‘metaverse’ plan

Facebook re-christened itself as Meta Platforms Inc on Thursday, as it decouples its corporate identity from the eponymous social network and highlights a shift to an emerging computing platform focused on virtual reality.

Published on October 29, 2021

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