When did Facebook (Meta) Go Public – Since transforming its name to Meta a few months ago, Mark Zuckerberg’s Facebook (FB), a social media forum, no longer trades under the “FB” symbol it has adopted since its IPO in 2012. As of June 2022, it is now traded under the recent symbol “META.”
In October of last year, Facebook revealed plans to spend tens of billions of dollars on what CEO Mark Zuckerberg dubbed “the succeeding chapter of social connection,” but investors fear it may turn out to be a wealth pit.
The CEO of the world’s broadest social media firm is interested in the metaverse and web3, and virtual worlds will influence a bigger place in the future for the corporation that owns Facebook, Instagram, Messenger, and WhatsApp, as evidenced by the title “Meta.”
The hugest technology IPO in American record at the time, Facebook’s initial public offering came to life on May 18, 2012, making it the most massive IPO ever.
The company’s historic IPO occurred in 2012. Following General Motors in 2010 and Visa in 2008 as the two largest U.S. IPOs ever, Facebook raised $16b. The biggest tech-focused company then was Agere Systems, which broke away from Lucent Technologies in 2001 and raised about $4.1 billion.
Facebook smashed a record at the time by selling 421,233,615 stakes for $38 each and generating $16 billion.
Subsequently, the stock’s commencement day, which saw little change, began to dwindle and dropped by a whopping 19 percent over the following two days. In August 2013, more than 14 months after their launch, Facebook shares finally reached their IPO level of $38.
Early on, the rate fell to under $18 per share before surging to its current level, with a market cap of roughly $500 billion.
When Facebook went public, it had already established itself as one of the dominating online trademarks, with more than 500m everyday users and $1 billion in yearly revenue. Its secondary market valuation had rocketed as several private equity funds, mutual fund businesses, and hedge funds competed to raise the price by bringing generous payouts to staff members and subsisting investors.
The Metaverse Space piqued Facebook’s interest.
On October 21, 2021, Facebook, Inc. transformed its title to Meta Platforms, Inc. Following that, its commodity ticker was changed from FB to META.
The metaverse Mark Zuckerberg seeks to build is the one that proposes social, gaming, and workplace concepts, all in virtual and augmented reality.
According to the organization, Facebook is advancing social technology by shifting beyond 2D screens and toward immersive happenings like augmented and virtual reality.
The CEO added at a conference that the firm is working toward the future, a digital setting where you can interact with people in real-time. An Internet that you are an actual part of.
There was already an exchange-traded fund with that ticker (META), the Roundhill Ball Metaverse ETF, so Facebook was not able to initiate its ticker modification from “FB” to “META.”
As a result, Meta Platforms declared in November that the ticker shift would now take place this year. The firm didn’t explain why the change was made, but it seemed like they were negotiating with Roundhill Ball regarding that.
The ticker for Roundhill’s metaverse ETF was later changed to “METV” in mid-January, and that went into effect at the end of January. Roundhill also failed to explain the modification’s rationale.
Roundhill and Meta Platforms may have been discussions about granting the social media behemoth the coveted “META” ticker. At that time, Roundhill and Meta Platforms were unavailable for remark.
This name change caused the stock to fall approximately half its value within three months as the market held Facebook’s warnings to heart. But Capital reports that according to meta stock forecasts, price will soon return to its previous level
By revenue, Facebook has increased by more than 25 times since 2012. And by 2018, mobile accounted for more than 90% of ad deals. Facebook’s value at its market cap peak in 2021 was over $1 trillion, thanks largely to the success of its primary mobile app and the apps it had acquired, Instagram and WhatsApp.
Current Top Meta Executives
- Mark Zuckerberg – Chairman and CEO
- Sheryl Sandberg – COO
- Nick Clegg – President, Global Affairs
- David Wehner – Chief Financial Officer
- Chris Cox – Chief Product Officer
Meta Hardware creations to be disclosed soon
Zuckerberg is positioning yet another bet-the-farm wager on the direction of the remaking technology landscape. The metaverse, a virtual world where people can work and play, will be enterable by users through a headset, according to a statement given by Facebook in October.
In order to invent the business, Meta claimed that its Reality Labs division, which creates intelligent glasses, headsets, virtual reality goggles, and other yet-to-be-launched commodities, forfeited more than $10 billion in 2021. These developments are essential to Mr. Zuckerberg’s metaverse, a forthcoming internet where users can share virtual worlds and happenings on various hardware and software platforms.