Meta Mania has calmed down.
But not until a Canadian company has had a good time – and investors have made money.
Meta Materials, a leading nanotechnology and engineering company based in Darthmouth, Nova Scotia, saw its U.S. stock price revert to reality on Friday, October 29 after an apparent case of error by identity – or whatever – gave his actions a big boost.
The share price fell and gained modestly in the Nasdaq capital market after skyrocketing in after-hours trading a day earlier following the Facebook announcement. announcement it changes its name to Meta.
Wrong identity or something else?
No one seemed certain whether the Canadian company, which trades under the symbol MMAT, profited from Facebook’s decision to adopt its name, short selling, or a bit of both.
Some Reddit meme players, who influenced stock prices through their comments on social media, have appeared mystified.
“Is the (after hours) price action real, or are people buying MMAT thinking they’re getting Facebook for really cheap?” Wrote a Reddit user Thursday night on a dedicated MMAT subreddit. “I wish the price action was real – but I’ve seen this before with (Zoom) where people buy the wrong stock…”
In 2019, the little-known Zoom Technologies saw its stock price explode over a one-month period as teleconferencing giant Zoom Video ready to go public.
But another Reddit user appeared to object to the previous post on MMAT.
“For those who think we jumped because ‘people thought they were buying Facebook on the cheap’. Use your brain,” the Reddit user wrote on the same MMAT channel.
The second Reddit user then hinted that there was “more to” the rise of MMAT.
Old Meta CEO has fun
Either way, George Palikaras, Founder and CEO of Canadian Meta, had fun with the Facebook name change.
“On behalf of @Metamaterialtec, I welcome @Facebook to the #metaverse”, Palikaras tweeted.
In another post on Twtitter, Palikaras said he applauds Facebook / Meta CEO Mark Zuckerberg and the company’s multibillion-dollar commitment to making the metaverse a reality.
The New Meta, not the Canadian, describes the Metaverse as a new phase of interconnected virtual experiences using virtual and augmented reality tools. On Monday, October 25 – when it was only known as Facebook – the American company announced that it was transforming its virtual and augmented reality business, Facebook Reality Labs, into a separate financial reporting segment.
It turns out that the Canadian Meta is also developing virtual and augmented reality hardware – and will be hosting an online roundtable on Monday, November 1 with Facebook Reality Labs and other tech players.
Time will tell if Meta and Meta do business together
Read more: Amazon and Apple lower stocks at Friday’s open
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