And “Meta Materials” is not related to “Facebook”, it is a Canadian company specializing in the field of materials science, and offers technologies such as blocking a certain color of light transparently, or heating a window in a car invisibly.
With trading closed Thursday, the Canadian company’s shares rose by up to 25 percent, after trading was high before Facebook announced a change of its name by 4.8 percent, CNBC reported.
This is not the first time that companies reap significant revenues and benefits from the similarity of brand names. In April 2019, sales of a small Chinese wireless communications company called “Zoom Technologies” rose by more than 80 percent, coinciding with the emergence of the “Zoom” application for video calling.
In a similar way, Club House Media achieved growth on February 1, due to the growing interest of investors in the Club House application, especially after Tesla CEO Elon Musk announced to his followers on Twitter that he would view them through the application. the same day.
And “Facebook”, announced Thursday, that it will change its name to “Meta”, at a time when the company is facing a lot of criticism on a number of levels.
The company said the name change “will bring its various applications and technologies together under one new brand.”
The announcement came during Facebook CEO Mark Zuckerberg’s speech at the company’s annual Connect conference on October 28.
“The Facebook name doesn’t fully embrace everything the company does,” he explained. “At the moment, our brand is closely linked to one product.”
It comes at a time when Facebook faces increased scrutiny from the US government over its business practices.