A day-trader favorite in the US soared into after-hours trading, as investors mistook it for Facebook Inc after the internet giant’s rebrand.
After the close of regular trading on Thursday, shares of Canada’s Meta Materials Inc. — which trade under the ticker symbol MMAT — rose as much as 26% after a 4.8% gain during market hours. With the rally, the company is worth about $1.3 billion, a fraction of one percent of the value of the company formerly known as Facebook.
Facebook rechristened itself as Meta Platforms Inc on Thursday, as it sever its corporate identity from the social network of the same name and highlights a shift to an emerging computing platform focused on virtual reality.
Mark Zuckerberg announced Thursday that the company he founded is rebranding itself as Meta.
The change comes with a new logo designed like an infinity-shaped symbol, slightly oblique, almost like a pretzel. Facebook, Instagram and other apps will remain, but under the Meta umbrella, The New York Times reported.
“I’m thinking a lot about my identity with this new chapter,” Zuckerberg said, speaking at a virtual event to showcase Facebook’s tech stakes in the future. “Over time, I hope to see us as a metaverse company.”
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