Canadian Company Meta Materials Surges After Confusion Over Facebook Name Change
Shares of Canadian material-science firm Meta Materials surged early Friday in the latest apparent ticker confusion with Facebook’s new name change to “Meta”.
Meme Stock Meta Materials Gains as Ticker Confusion Fuels Volume. Because the Fed created a market for idiots
— zerohedge (@zerohedge) October 29, 2021
Meta Materials, which trades under the ticket MMAT was up as much as 24% early on Friday, Bloomberg noted.
The mix-up left it as one of the most actively traded stocks on the day, with 11 million shares traded before mid-day. 1.35 million shares had changed hands in the pre-market session Friday, the report said. Obviously, Facebook’s new name “Meta Platforms Inc.” doesn’t mean it is associated in any way with Meta Materials (as an aside, FB’s new ticker will be MVRS).
This company/ticker mix-up farce, which we have seen on many prior occasions, was made possible thanks to the unlimited liquidity sloshing around capital markets and which enables so-called traders to buy first and ask questions later, if ever.
The Roundhill Ball Metaverse ETF, with the ticker META, also experienced increased volume after the name change.
As a reminder, a week after The Verge first reported that Mark Zuckerberg would rebrand/rename Facebook, the tech giant’s CEO announced yesterday that the new company name is ‘Meta’.
“I’ve been thinking a lot about our identity” with this new chapter, Zuckerberg said, speaking at a virtual event to showcase Facebook’s technological bets of the future. “Over time, I hope we’re seen as a metaverse company.”
Zuckerberg first noted in July that he wanted Facebook to eventually become a “metaverse company,” and last week the company said it would hire 10,000 people across Europe specifically to build out its metaverse project.
$META has already traded 2x its 30-day avg in the first 30m today, on pace to break yest record. The good news for ppl who think they buying $FB is the fund holds it at 5% weight and it is a directionally related bet. pic.twitter.com/SXjOXOkRUT
— Eric Balchunas (@EricBalchunas) October 29, 2021
Tyler Durden
Fri, 10/29/2021 – 12:58
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