Fb might have unveiled its new id at a glitzy occasion on Thursday, however shares of a lesser-known Canadian industrial supplies firm surged in an obvious case of mistaken id.
As Fb metamorphosed into Meta, shares of Halifax, Nova Scotia-based Meta Supplies Inc. jumped six per cent in opening trades on the Nasdaq on Friday, following a 26 per cent rise in after-hours buying and selling.
Meta Supplies’ inventory has already been a favorite amongst retail traders utilizing Reddit and social media, recording wild swings in latest months. It hit an all-time excessive of practically $22 US in June.
The corporate, which makes a speciality of designing supplies utilized in quite a lot of industries, together with client electronics and aerospace, has a market worth of $1.3 billion US.
This isn’t the primary occasion of shares reacting due to mistaken identities. Zoom Applied sciences, which makes electronic-communication merchandise for cell phones, jumped on the peak of the pandemic when the world flocked to the equally named video conferencing service.
In December 2020, food delivery service DoorDash went public in an IPO. However shares in a Florida door-making firm with the ticker image of DOOR spiked, in one other case of mistaken id.
Meta Supplies CEO George Palikaras appeared to get in on the enjoyable on Thursday, tweeting, “On behalf of @Metamaterialtec I want to cordially welcome @Fb to the #metaverse.”
On behalf of <a href=”https://twitter.com/Metamaterialtec?ref_src=twsrcpercent5Etfw”>@Metamaterialtec</a> I want to cordially welcome <a href=”https://twitter.com/Fb?ref_src=twsrcpercent5Etfw”>@Fb</a> to the <a href=”https://twitter.com/hashtag/metaverse?src=hash&ref_src=twsrcpercent5Etfw”>#metaverse</a>. <a href=”https://twitter.com/hashtag/GoBeyond?src=hash&ref_src=twsrcpercent5Etfw”>#GoBeyond</a> <a href=”https://twitter.com/search?q=%24MMAT&src=ctag&ref_src=twsrcpercent5Etfw”>$MMAT</a> <a href=”https://twitter.com/hashtag/AR?src=hash&ref_src=twsrcpercent5Etfw”>#AR</a> <a href=”https://twitter.com/hashtag/VR?src=hash&ref_src=twsrcpercent5Etfw”>#VR</a> Meta, meet META® 🙂 <a href=”https://t.co/8gOgkYTvSl”>https://t.co/8gOgkYTvSl</a> <a href=”https://t.co/2i2PMKwzFA”>pic.twitter.com/2i2PMKwzFA</a>
Palikaras pointed to a company announcement from Thursday about an upcoming on-line discuss that includes executives from Meta Supplies, Fb’s digital actuality (VR) division and different firms, when Reuters emailed Meta Supplies for remark.
Social media was abuzz with information of Fb changing into Meta, with posts poking enjoyable on the transfer receiving probably the most consideration.
“Altering title to Meat,” burger chain Wendy’s mentioned in a tweet preferred by practically 250,000 customers.
Twitter’s official deal with wrote, “BIG NEWS lol jk nonetheless Twitter,” garnering some 226,000 likes.