A $1,000 investment in Facebook stock could have given you 3.07 shares by the time it changed its name to Meta.
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Facebook, which is one of the largest social media companies in the world, changed its name to Meta Platforms in 2021. to show that it would focus on the development of the metaverse. But how has Meta Platforms’ stock performed since the name change?
After long being recognized as Facebook due to its primary social media platform, the company announced on October 28, 2021 that it would be changing its name to Meta Platforms.
“The connection is evolving and so are we. The metaverse is the next evolution of social connection. Our company vision is to help bring the metaverse to life, which is why we are changing our name to reflect our commitment to this future,” the company said at the time.
“To reflect who we are and what we hope to build, I am proud to announce that, as of today, our company is now Meta,” said Zuckerberg.
According to Zuckerberg, the company would be more focused on the metaverse rather than Facebook from then on.
If you had invested $1,000 in shares of the company when it was still called Facebook, on October 28, 2021, the day the company announced its rebranding and new approach, the shares were trading at around $325.52.
A $1,000 investment in Facebook stock could have given you 3.07 shares at that time.. Currently, with Meta Platforms’ stock price at $232.78 as of this writing, that $1,000 investment would be worth around $698.34.
In other words, you would have lost $301.66 dollars.
If you had invested in Facebook after the name change announcement, you would have suffered a 28.44% loss.
Over the past 12 months, Meta Platforms has experienced several rounds of layoffs, leading analysts, shareholders, and employees to question whether the company invested too aggressively in the metaverse to achieve growth.
Keep reading:
· The founder of Twitter believes that the social network “went down” with Elon Musk
· Meta begins a new round of layoffs in the technical team
TikTok founder lost $17 billion in 2022
