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Tech and Crypto in Peril As Fed Ends Liquidity Binge: Bloomberg Survey
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14:35","market":"us","language":"en","title":"Tech and Crypto in Peril As Fed Ends Liquidity Binge: Bloomberg Survey","url":"https://stock-news.laohu8.com/highlight/detail?id=2241703608","media":"Bloomberg","summary":"(BLOOMBERG) - The speculative darlings of the easy-money era - technology stocks and cryptocurrencie","content":"<html><head></head><body><p>(BLOOMBERG) - The speculative darlings of the easy-money era - technology stocks and cryptocurrencies - are acutely vulnerable now that the Federal Reserve is shrinking its nearly US$9 trillion balance sheet.</p><p>At the same time, central bankers from Canada to Europe are about to test the resilience of global markets as they follow hawkish US policy makers on a liquidity-sapping mission to unwind the pandemic bond-buying spree.</p><p>That's the broad outlook for Wall Street and beyond, according to the most-popular responses from 687 contributors to Bloomberg's latest MLIV Pulse survey, as the Fed this month starts reducing its asset holdings in a process known as quantitative tightening (QT).</p><p>The historic shift is seen as a notable threat to tech equities and digital tokens -- both risk-sensitive assets that soared in the Covid-era market mania before cratering in this year’s cross-asset crash.</p><p>The era of ultra-cheap money looks over for now. The Fed’s balance-sheet drawdown is seen lasting more than a year, while nearly two-thirds of survey respondents say the four-decade bull run in Treasuries has come to an end.</p><p>All this comes against the risky backdrop of the Fed hiking interest rates at the fastest pace in decades to combat red-hot inflation, as officials seek to quash talk of a September pause.</p><h3><b>Tech Stocks and Crypto Are Most Exposed to QT</b></h3><p>According to 47% of respondents</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/891b74aa44a32910bb208a1150f6a2c5\" tg-width=\"910\" tg-height=\"264\" width=\"100%\" height=\"auto\"/><span>Source: MLIV Pulse survey running May 31 to June 3. Respondents were asked 'Which asset class remains most vulnerable to quantitative tightening? Pick one of the following'</span></p><p>Recent gyrations in stocks, bonds and other markets have done little to deter the US central bank from its hawkish posture, with policy makers widely expected to raise rates by another half point on June 15. The Fed began shrinking its balance sheet this month by allowing assets to mature without reinvestment at a monthly pace of $47.5 billion, increasing to as much as $95 billion per month in September.</p><p>“It’s where that quantity of capital and quantity of liquidity has been most beneficial that its withdrawal is going to continue to be felt -- and that is in the most speculative parts of the market,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, said on Bloomberg Television.</p><p>The MLIV survey of most-at-risk assets in the QT era canvassed a group ranging from retail investors to market strategists. Just 7% picked mortgage-backed bonds -- securities that were at the heart of the 2008-09 meltdown -- with almost half citing tech and crypto.</p><p>Draining money from the system tends to tighten financial conditions, all else equal, which acts as a brake on economic growth. That can reduce valuations for tech stocks given their reliance on optimism about future profits.</p><p>The end of Fed bond-buying also forces the Treasury to sell more debt in the open market, potentially putting upward pressure on bond yields, which play a big role in how Wall Street values listed companies -- a headwind for so-called growth stocks in particular.</p><p>Fueled by pandemic-era policy easing, the tech-heavy Nasdaq 100 Index climbed more than 130% from its March 2020 low before plunging this year.</p><p><img src=\"https://static.tigerbbs.com/f7ffd1126ebffbf89f6dc39209992745\" tg-width=\"930\" tg-height=\"523\" width=\"100%\" height=\"auto\"/>Meanwhile, cryptocurrencies have increasingly been driven by fluctuations in tech stocks. Since March 2020, there has been a strong positive correlation between Bitcoin and the Nasdaq 100, with the relationship intensifying in this year’s selloff.</p><p>The thinking goes that when money is cheap, traders can speculate about future digital trends en masse. But when the liquidity party fades, those bets become more costly.</p><p>“I don’t think people fully realize how much QE caused investors to add a lot of leverage to their positions,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Now that we’re going through QT, that leverage has to be unwound.”</p><p>Respondents who were active in the market during the financial crisis more than a decade ago are particularly concerned that the Fed’s balance-sheet shrinkage will hurt junk bonds. Newer entrants are more inclined to worry about its impact on crypto and tech shares.</p><h3><b>Which Asset Class is Most Vulnerable to QT?</b></h3><p>Old hands are more worried about junk bonds, while newbies fret more about tech and crypto</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d465c6ad17f3f4d3cd3b861c4dade6c5\" tg-width=\"956\" tg-height=\"245\" width=\"100%\" height=\"auto\"/><span>Source: MLIV Pulse survey running May 31 to June 3, Respondents were asked 'Which asset class remains most vulnerable to quantitative tightening? Pick one of the following.'</span></p><p>Readers more broadly are sounding the alarm about global trading conditions as the likes of the European Central Bank -- which meets this week -- and the Bank of England look to rein in their expanded balance sheets. Nearly 53% said they’re concerned markets are underestimating the liquidity importance of central banks outside the US.</p><p>Only 8% described QT in general as overhyped. Yet the principal concern of MLIV readers remains how far the US central bank will lift benchmark borrowing costs in this cycle. Some 61% said the level at which the terminal fed funds rate peaks is more important than the amount by which the balance sheet shrinks.</p><p>As for QT’s end game, around two thirds say the primary catalyst is more likely to emerge from negative developments than victory on the inflation front. Some 38% said economic pain would prompt an end to the balance-sheet rundown, while 20% pointed to market turmoil.</p><p>Just 10% voted for problems related to bank reserves and short-term funding markets. That’s an implicit vote of confidence in the measures the Fed has taken to avert logjams in the financial plumbing that caused it to intervene in 2019 during its previous tightening program.</p><h3><b>Generational Split</b></h3><p>Overwhelming majority of respondents active in the market during the global financial crisis say the 40-year bond bull run is over</p><p><img src=\"https://static.tigerbbs.com/6d1fe67903ba7337640e981bb6453bd0\" tg-width=\"941\" tg-height=\"231\" width=\"100%\" height=\"auto\"/>For many, the era of ultra-low rates and big central bank balance sheets is all they’ve known professionally. Some 46% of MLIV respondentsweren’t active in marketsbefore the widespread global adoption of quantitative easing in the aftermath of 2008.</p><p>Fewer still rode the early long-dated Treasury bull market in the decades past. A strong majority of readers -- 64% -- say the four-decade bullish stretch has finally ended, with experienced market players notably more hawkish than younger counterparts.</p><p>“Whenever you’re seeing major shifts in liquidity, there’s potential you could see some disruption in the market and that could trigger some violent trading behavior,” said Ed Moya, senior market analyst at Oanda.</p><ul><li>For more markets analysis, see the MLIV blog. For previous surveys, and to subscribe, see NI MLIVPULSE.</li></ul></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech and Crypto in Peril As Fed Ends Liquidity Binge: Bloomberg Survey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTech and Crypto in Peril As Fed Ends Liquidity Binge: Bloomberg Survey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-06 14:35 GMT+8 <a href=https://www.bloomberg.com/news/articles/2022-06-05/tech-and-crypto-in-peril-as-fed-ends-liquidity-binge-mliv-pulse?srnd=premium-asia#xj4y7vzkg><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG) - The speculative darlings of the easy-money era - technology stocks and cryptocurrencies - are acutely vulnerable now that the Federal Reserve is shrinking its nearly US$9 trillion ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-06-05/tech-and-crypto-in-peril-as-fed-ends-liquidity-binge-mliv-pulse?srnd=premium-asia#xj4y7vzkg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2022-06-05/tech-and-crypto-in-peril-as-fed-ends-liquidity-binge-mliv-pulse?srnd=premium-asia#xj4y7vzkg","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2241703608","content_text":"(BLOOMBERG) - The speculative darlings of the easy-money era - technology stocks and cryptocurrencies - are acutely vulnerable now that the Federal Reserve is shrinking its nearly US$9 trillion balance sheet.At the same time, central bankers from Canada to Europe are about to test the resilience of global markets as they follow hawkish US policy makers on a liquidity-sapping mission to unwind the pandemic bond-buying spree.That's the broad outlook for Wall Street and beyond, according to the most-popular responses from 687 contributors to Bloomberg's latest MLIV Pulse survey, as the Fed this month starts reducing its asset holdings in a process known as quantitative tightening (QT).The historic shift is seen as a notable threat to tech equities and digital tokens -- both risk-sensitive assets that soared in the Covid-era market mania before cratering in this year’s cross-asset crash.The era of ultra-cheap money looks over for now. The Fed’s balance-sheet drawdown is seen lasting more than a year, while nearly two-thirds of survey respondents say the four-decade bull run in Treasuries has come to an end.All this comes against the risky backdrop of the Fed hiking interest rates at the fastest pace in decades to combat red-hot inflation, as officials seek to quash talk of a September pause.Tech Stocks and Crypto Are Most Exposed to QTAccording to 47% of respondentsSource: MLIV Pulse survey running May 31 to June 3. Respondents were asked 'Which asset class remains most vulnerable to quantitative tightening? Pick one of the following'Recent gyrations in stocks, bonds and other markets have done little to deter the US central bank from its hawkish posture, with policy makers widely expected to raise rates by another half point on June 15. The Fed began shrinking its balance sheet this month by allowing assets to mature without reinvestment at a monthly pace of $47.5 billion, increasing to as much as $95 billion per month in September.“It’s where that quantity of capital and quantity of liquidity has been most beneficial that its withdrawal is going to continue to be felt -- and that is in the most speculative parts of the market,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, said on Bloomberg Television.The MLIV survey of most-at-risk assets in the QT era canvassed a group ranging from retail investors to market strategists. Just 7% picked mortgage-backed bonds -- securities that were at the heart of the 2008-09 meltdown -- with almost half citing tech and crypto.Draining money from the system tends to tighten financial conditions, all else equal, which acts as a brake on economic growth. That can reduce valuations for tech stocks given their reliance on optimism about future profits.The end of Fed bond-buying also forces the Treasury to sell more debt in the open market, potentially putting upward pressure on bond yields, which play a big role in how Wall Street values listed companies -- a headwind for so-called growth stocks in particular.Fueled by pandemic-era policy easing, the tech-heavy Nasdaq 100 Index climbed more than 130% from its March 2020 low before plunging this year.Meanwhile, cryptocurrencies have increasingly been driven by fluctuations in tech stocks. Since March 2020, there has been a strong positive correlation between Bitcoin and the Nasdaq 100, with the relationship intensifying in this year’s selloff.The thinking goes that when money is cheap, traders can speculate about future digital trends en masse. But when the liquidity party fades, those bets become more costly.“I don’t think people fully realize how much QE caused investors to add a lot of leverage to their positions,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Now that we’re going through QT, that leverage has to be unwound.”Respondents who were active in the market during the financial crisis more than a decade ago are particularly concerned that the Fed’s balance-sheet shrinkage will hurt junk bonds. Newer entrants are more inclined to worry about its impact on crypto and tech shares.Which Asset Class is Most Vulnerable to QT?Old hands are more worried about junk bonds, while newbies fret more about tech and cryptoSource: MLIV Pulse survey running May 31 to June 3, Respondents were asked 'Which asset class remains most vulnerable to quantitative tightening? Pick one of the following.'Readers more broadly are sounding the alarm about global trading conditions as the likes of the European Central Bank -- which meets this week -- and the Bank of England look to rein in their expanded balance sheets. Nearly 53% said they’re concerned markets are underestimating the liquidity importance of central banks outside the US.Only 8% described QT in general as overhyped. Yet the principal concern of MLIV readers remains how far the US central bank will lift benchmark borrowing costs in this cycle. Some 61% said the level at which the terminal fed funds rate peaks is more important than the amount by which the balance sheet shrinks.As for QT’s end game, around two thirds say the primary catalyst is more likely to emerge from negative developments than victory on the inflation front. Some 38% said economic pain would prompt an end to the balance-sheet rundown, while 20% pointed to market turmoil.Just 10% voted for problems related to bank reserves and short-term funding markets. That’s an implicit vote of confidence in the measures the Fed has taken to avert logjams in the financial plumbing that caused it to intervene in 2019 during its previous tightening program.Generational SplitOverwhelming majority of respondents active in the market during the global financial crisis say the 40-year bond bull run is overFor many, the era of ultra-low rates and big central bank balance sheets is all they’ve known professionally. Some 46% of MLIV respondentsweren’t active in marketsbefore the widespread global adoption of quantitative easing in the aftermath of 2008.Fewer still rode the early long-dated Treasury bull market in the decades past. A strong majority of readers -- 64% -- say the four-decade bullish stretch has finally ended, with experienced market players notably more hawkish than younger counterparts.“Whenever you’re seeing major shifts in liquidity, there’s potential you could see some disruption in the market and that could trigger some violent trading behavior,” said Ed Moya, senior market analyst at Oanda.For more markets analysis, see the MLIV blog. For previous surveys, and to subscribe, see NI MLIVPULSE.","news_type":1},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9053151377,"gmtCreate":1654503191899,"gmtModify":1676535458699,"author":{"id":"4111581341111522","authorId":"4111581341111522","name":"weijun03","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4111581341111522","authorIdStr":"4111581341111522"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053151377","repostId":"2241703608","repostType":4,"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058043761,"gmtCreate":1654760573853,"gmtModify":1676535506493,"author":{"id":"4111581341111522","authorId":"4111581341111522","name":"weijun03","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4111581341111522","authorIdStr":"4111581341111522"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058043761","repostId":"1188644119","repostType":4,"repost":{"id":"1188644119","kind":"news","pubTimestamp":1654752647,"share":"https://ttm.financial/m/news/1188644119?lang=&edition=fundamental","pubTime":"2022-06-09 13:30","market":"us","language":"en","title":"META Alert! Facebook's Old FB Stock Ticker Is No More","url":"https://stock-news.laohu8.com/highlight/detail?id=1188644119","media":"cnn","summary":"If you want to find the stock price of Mark Zuckerberg's company, typing the familiar \"FB\" ticker on","content":"<html><head></head><body><p>If you want to find the stock price of Mark Zuckerberg's company, typing the familiar "FB" ticker on your favorite search engine, brokerage firm app or financial news site (hopefully this one!) will soon give you an error message or redirect.</p><p>That's because the company formerly known as Facebook (FB) will no longer use the "FB" symbol it's had since its 2012 initial public offering. Instead, it will be trading under the new symbol of "META" as of Thursday.</p><p>The new ticker comes a few months after Facebook officially changed its corporate name to Meta Platforms. The Meta moniker is a reflection of the social media giant's pivot to the metaverse, with virtual worlds becoming an increasingly important part of the future for the owner of Facebook, Instagram, Messenger and WhatsApp.</p><p>As the company describes it, Facebook is "moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology."</p><p>Initially, the company said it would change its ticker symbol in December 2021 to "MVRS," a vowel-deficient version of Metaverse.</p><p>Why not "META"? Meta Platforms was originally unable to announce that it would use "META" as its new symbol, because there already was an exchange-traded fund that had that ticker: the Roundhill Ball Metaverse ETF.</p><p>That ETF, as its name implies, invests in companies with exposure to the metaverse. In fact, Meta Platforms is its top holding. It also owns gaming chip giant Nvidia (NVDA), video game platform Roblox and Microsoft (MSFT).</p><p>This story should end here — but Meta Platforms clearly really, really wanted to have the "META" ticker for itself.</p><p>Meta Platforms announced in November that it was postponing the ticker change to this year. It didn't give a reason for the change. Then, in mid-January, Roundhill said it was changing the ticker of its metaverse ETF to "METV." That took effect at the end of January. Roundhill also didn't give a reason for the change.</p><p>Roundhill and Meta Platforms may have held discussions about letting the social media giant get the coveted "META" ticker. Meta Platforms and Roundhill were not immediately available for comment.</p><p>Facebook's transition to Meta Platforms has been a rocky one. The stock has plummeted more than 40% this year as investors wonder if the strategy shift will pay off. Roundhill's metaverse ETF has also plunged about 40%.</p><p>Concerns about slowing user growth, advertiser skittishness as the economy cools and emerging competition from TikTok have hurt Meta Platforms and other social media stocks, such as Snapchat (SNAP), Pinterest (PINS) and Twitter (TWTR).</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>META Alert! 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Facebook's Old FB Stock Ticker Is No More\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-09 13:30 GMT+8 <a href=https://www.cnn.com/2022/06/08/investing/facebook-meta-ticker-symbol-change/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you want to find the stock price of Mark Zuckerberg's company, typing the familiar \"FB\" ticker on your favorite search engine, brokerage firm app or financial news site (hopefully this one!) will ...</p>\n\n<a href=\"https://www.cnn.com/2022/06/08/investing/facebook-meta-ticker-symbol-change/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"META":"Meta Platforms, Inc."},"source_url":"https://www.cnn.com/2022/06/08/investing/facebook-meta-ticker-symbol-change/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188644119","content_text":"If you want to find the stock price of Mark Zuckerberg's company, typing the familiar \"FB\" ticker on your favorite search engine, brokerage firm app or financial news site (hopefully this one!) will soon give you an error message or redirect.That's because the company formerly known as Facebook (FB) will no longer use the \"FB\" symbol it's had since its 2012 initial public offering. Instead, it will be trading under the new symbol of \"META\" as of Thursday.The new ticker comes a few months after Facebook officially changed its corporate name to Meta Platforms. The Meta moniker is a reflection of the social media giant's pivot to the metaverse, with virtual worlds becoming an increasingly important part of the future for the owner of Facebook, Instagram, Messenger and WhatsApp.As the company describes it, Facebook is \"moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.\"Initially, the company said it would change its ticker symbol in December 2021 to \"MVRS,\" a vowel-deficient version of Metaverse.Why not \"META\"? Meta Platforms was originally unable to announce that it would use \"META\" as its new symbol, because there already was an exchange-traded fund that had that ticker: the Roundhill Ball Metaverse ETF.That ETF, as its name implies, invests in companies with exposure to the metaverse. In fact, Meta Platforms is its top holding. It also owns gaming chip giant Nvidia (NVDA), video game platform Roblox and Microsoft (MSFT).This story should end here — but Meta Platforms clearly really, really wanted to have the \"META\" ticker for itself.Meta Platforms announced in November that it was postponing the ticker change to this year. It didn't give a reason for the change. Then, in mid-January, Roundhill said it was changing the ticker of its metaverse ETF to \"METV.\" That took effect at the end of January. Roundhill also didn't give a reason for the change.Roundhill and Meta Platforms may have held discussions about letting the social media giant get the coveted \"META\" ticker. Meta Platforms and Roundhill were not immediately available for comment.Facebook's transition to Meta Platforms has been a rocky one. The stock has plummeted more than 40% this year as investors wonder if the strategy shift will pay off. Roundhill's metaverse ETF has also plunged about 40%.Concerns about slowing user growth, advertiser skittishness as the economy cools and emerging competition from TikTok have hurt Meta Platforms and other social media stocks, such as Snapchat (SNAP), Pinterest (PINS) and Twitter (TWTR).","news_type":1},"isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
