Facebook stock jumps on metaverse hype, name change to Meta

Wall Street may not know exactly what the metaverse is yet, but investors seem to like it anyway.

News that Facebook will change its name to Meta, in a broad-based effort to capture the supposed next frontier of the internet, saw shares of the company rise on Thursday, following a keynote speech and hype-filled presentation from CEO Mark Zuckerberg and his colleagues.

Although Facebook is known for social-media content that is largely consumed on smartphones and computers, Zuckerberg and other high-level company officials spent the afternoon making their case for a future in which virtually everyone will be enmeshed in virtual reality and hooked up to wearable devices à la The Matrix. 

Going forward, Facebook will report the financial results for its virtual reality business separately, Zuckerberg said. The company will change its stock ticker symbol from FB to MVRS beginning December 1. 

Facebook stock was up almost 4% midday Thursday. Earlier this week, the company reported relatively strong third-quarter results despite a “major headwind” from new privacy rules affecting apps on Apple’s iOS devices. In Thursday’s presentation, Zuckerberg repeatedly expressed subtle frustration over the idea of being reliant on a platform he doesn’t control.