Facebook changes its name and unintentionally supports a small Canadian company

Meta Platforms – this is the name of the parent company, which will connect all social platforms belonging to Zuckerberg's business empire. By the way, we also learned that the creator of Facebook intends to develop a metaverse, i.e. an alternative, virtual reality.

Investors reacted to this news with moderate optimism. Facebook's valuation went up 1.5 percent. For the time being, the real winner, at least on the trading floor, is a completely different company – Meta Materials. The Canadian company dealing with materials science gained less than 5 percent during the session, but in the OTC trade, it grew at some point by as much as 30 percent. Meta Materials CEO George Palikaras took the opportunity to quickly congratulate Facebook. Nothing unusual. The value of the Nova Scotia-based company unexpectedly jumped to $1.5 billion.

What's behind the mysterious Meta Materials rally? Most likely, some of the not-so-bright investors simply mistook the companies. So it seems that stock market players really started buying shares of a little-known Canadian company, thinking they were buying a stake in Zuckerberg's new project for almost nothing.

(bizblog)