Facebook changed the name of the company to Meta on October 28, but as a result, the share prices of an anonymous Canadian industrial materials company have risen, apparently as a result of the similarity of names.
MetaMaterial Inc.'s share price rose 6% since trading began on October 29, reaching 26% in just a few hours, after Facebook said goodbye to the old name and welcomed the new one.
In contrast, Facebook's share price rose just 1.6 percent.
The Canadian company specializes in designing materials used in a variety of industries, including electronics and aerospace, and has a market value of 1. 1.3 billion.
This is not the first time anyone has benefited from matching names.
Shares of Zoom Technologies skyrocketed during the Corona epidemic due to the popularity of Zoom, a popular video conferencing service with the same name.
But it is not clear whether this time the names matched or whether 'meme stock' investors deliberately manipulated the share prices of metamaterials.
George Palikaras, CEO of Metamaterials, also commented on the situation.
He wrote in a tweet, "On behalf of etMetamaterialtec, I warmly welcome Facebook to Metaverse."
He drew attention to an announcement made by his company on October 28 in an online talk that would include Metamaterials, Facebook's virtual reality division and other officials.
The name change or rebranding by Facebook is also intended to highlight the importance of metavars on social media networks, which Mark Zuckerberg called the future of the Internet.
After this change, Facebook site or app is no longer the center of this company but has become a sub-branch like Instagram and WhatsApp but the name of the social network will remain Facebook.
Mark Zuckerberg will be the CEO and chairman of Meta, meaning he will have full control.
The new name basically reflects the changes taking place within the company, and a few days ago, Mark Zuckerberg announced that he would spend ارب 10 billion on Metavers in 2021 alone.
