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The share price for Canadian company has risen because of similarity in name with the new Facebook/meta

The share price for Canadian company has risen because of similarity in name with the new Facebook/meta

Mark Zuckerberg, the founder of the social networking platform Facebook, announced Thursday that he is changing the Facebook company name to Meta. This name will be official from 1st December.

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As soon as the news was announced, the share price of the Canadian company Meta Materials rose due to the similarity of its name to the new name of Facebook.

After trading closed on Thursday, shares of Canadian company Meta Materials were up as much as 25%, after rising 4.8% during business hours.

After that spike, the company was valued at just over $1.5 billion, a fraction of the value of the company formerly known as Facebook.

Meta Materials is headquartered in Dartmouth, in the easternmost province of Nova Scotia, about 3,800 miles from Zuckerberg in Silicon Valley.

This is not the first time that this has happened, in April of 2019, the sales of a small Chinese wireless carrier called Zoom Technologies increased by almost 80%. It happened at the time Zoom Video Communications, a video meeting app, was launched on the Nasdaq.

In February 2021, Clubhouse Media’s stock price doubled, although nothing has changed in this public relations, advertising, and media distribution company. That’s because investors are excited about Clubhouse, when Tesla CEO Elon Musk tweeted, “I’ll be at Clubhouse tonight at 10 pm LA.”

And in January 2021, the share price of a company called Signal Advance jumped 1100% after Elon Musk tweeted, “Use Signal,” referring to the encrypted messaging app. This prompted the developer of the messaging app to clarify that it is not Signal Advance, it is not a for-profit company and it cannot be invested in.

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This phenomenon occurs as a result of investors buying shares of companies that are talked about on the Internet.

The share price for Canadian company has risen because of similarity in name with the new Facebook/meta

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