BENGALURU, India: Facebook might have unveiled the brand new identity of its in a glitzy event on Thursday, but shares of a lesser-known Canadian manufacturing components firm surged in an obvious case of mistaken identity.
As Facebook metamorphosed into Meta, shares of Halifax, Nova Scotia-based Meta Materials Inc. jumped six % in opening trades on the Nasdaq on Friday, adhering to a twenty six % increase in after hours trading. Facebook shares had been up 1.6 %.
Meta Materials’ stock has been a favorite among list investors utilizing social networking along with Reddit, capturing wild swings in recent weeks. It hit an all-time high of almost twenty-two dollars in June.
The business, which focuses on developing components applied to an assortment of industries like consumer electronics as well as aerospace, features a market value of $1.3 billion, based on Refinitiv.
This Isn’t the first example of shares reacting due to mistaken identities – Zoom Technologies jumped in the level of the pandemic, once the world flocked to the similarly named video conferencing service.
Though it had been not clear whether merely the similarity of names or even a coordinated push by “meme stock” investors – or perhaps both – was driving Meta Materials’ shares higher.
Is the (after hours) price action genuine, and are individuals purchasing MMAT thinking they’re obtaining Facebook for genuinely cheap?” asked a single individual holding a Reddit group focused on talking about Meta Materials’ inventory, which was produced in March.
Meta Materials CEO George Palikaras additionally came out getting in on the enjoyment on Thursday, tweeting: “On behalf of Metamaterial Tec I’d love to cordially welcome Facebook to the #metaverse.”
Palikaras pointed to an enterprise announcement from Thursday regarding an upcoming online conversation starring professionals from MetaMaterials, Facebook’s virtual reality (VR) division along with other businesses when Reuters emailed Meta Materials for comment.
Facebook’s title change was discovered at its augmented and virtual reality conference on Thursday.
Social media was full of news of Facebook becoming Meta, with posts poking fun at the move getting probably the most interest.
“Changing the name to Meat,” burger chain Wendy’s said in a tweet appreciated by almost 250,000 drivers. Twitter’s official handle wrote: “BIG NEWS lol jk always Twitter,” garnering some 226,000 likes.