To The Moon

• Meta Platforms'(META) FB stock ticker symbol is being replaced today with the new "META" ticker symbol.
• This change completes Facebook's corporate rebrand to Meta Platforms.
• However, Facebook still looms large for Meta; the social media platform generates the bulk of revenue.

It’s the end of an era for Meta Platforms; the FB stock ticker symbol long associated with Facebook is getting replaced by the new “META” ticker.

Thischange in ticker symbolcomes after the social media giant rebranded itself asMeta Platforms (NASDAQ:META) last fall. The name and brand change is meant to reflect the company’s increasing focus on developing the metaverse. While the change is largely cosmetic, it does complete Facebook’s transformation. Essentially, Meta is removing the last vestiges of its former corporate identity.

What’s Happening with META Stock?

Meta Platforms had planned tochange its ticker symbolto “MVRS” last December, but the switch was repeatedly delayed. The reason for the delay may have been that Roundhill Investmentshad been using the META ticker for itsRoundhill Ball Metaverse ETF(NYSEARCA:METV). Roundhill recently gave up the symbol, enabling Meta Platforms to use it for its stock.

Thisnew ticker symbolis the last step Meta Platforms needs to take to shed its old corporate name and identity. Some analysts have speculated the name change could be a catalyst for shares, which have been badly beaten down this year. However, it doesn’t look like that is happening today.

Why It Matters

The rebrand for Meta Platforms first cropped up after the company faced numerous scandals related to its social media platform. Specifically, Facebook came under fire overaccusationsthe company allowed misinformation, hate speech and more to be spread on the platform. Former Facebookexecutive turned whistleblowerFrances Haugen appeared before Congress to criticize Facebook’s inaction, generating a lot of negative coverage for the company.

Following Haugen’s testimony, Facebook announced it would rebrand as Meta to emphasize its new focus on virtual reality (VR) and the metaverse. However, therebrand has not helped FB stockin the near term.

After disappointing earnings, Meta Platforms’ share price has plummeted this year. META stock currently trades at a price-to-earnings (P/E) ratio of about 15 times. That’s lower than the P/E ratio ofCoca-Cola(NYSE:KO).

What’s Next for Meta Platforms

As the FB stock ticker fades into history today, it’s taking the Facebook corporate identity with it. From here, Meta Platforms will continue to ramp up its focus on the metaverse and related technologies.

That said, the social media platform still looms large for the company. The vast majority of Meta’s revenue continues to come from Facebook ads.

$Meta Platforms, Inc.(META)$