Facebook changed its name, the stock of a strange company suddenly skyrocketed, bringing the market capitalization to over $ 1 billion

After closing the trading session on October 28, shares of Meta Materials Inc. (ticker: MMAT) spiked 26% after having rallied 4.8% during the session. Thanks to this momentum, the company’s market capitalization has increased to about $ 1.3 billion but still only a fraction of that of the company with the old name Facebook.

Meanwhile, Meta Materials has nothing to do with Facebook. This is a materials science company based in Canada.

During the Connect event taking place at 0:00 on October 29, CEO Mark Zuckerberg announced that the company would change its name from Facebook to Meta. Accordingly, the new name Meta is intended to reflect its growing social media empire.

However, this company still retains the name of the social networking platform Facebook. This rebranding is part of the company’s effort to shift away from being known as a social media company, and focus on its plans to build a “metaverse”.

According to the Facebook founder, the rebranding is intended to strengthen the social media giant’s position in the “metaverse,” which Zuckerberg sees as the future of the internet. He also added that he had been thinking about rebranding the company since buying Instagram and WhatsApp in 2012 and 2014, but earlier this year he realized it was time for a change.