Facebook announced a rebrand to the name “Meta” on Thursday, but that’s not the only name change people will have to get used to after today.
With Facebook’s name change, the acronym for the five biggest American tech companies, Facebook, Amazon, Apple, Netflix, and Google, will unceremoniously change from FAANG to the even less appetizing MAANG.
A quick Google search for “maang” brings up many images for maang tikka, a type of jewelry that is typically worn by Indian women on their foreheads, especially at weddings. The second result brings up the Wikipedia entry for the Maang language, a Lolo-Burmese language that is spoken in Wenshan Prefecture, Yunnan, China, and northern Vietnam.
Despite the confusion on Google, some on social media were amused by the new acronym. Given the recent negative media attention Meta/Facebook has faced in recent months, the name change is probably the most lighthearted reason the company has been in the spotlight lately.
Stocks for all five of the MAANG companies trade on the Nasdaq exchange and are included in the S&P 500 and Fortune 500. As of August 2021, these companies made up 19% of the S&P 500, according to Investopedia. Since the index is seen as a broad representation of the market, any fluctuations in the stock price of these businesses can impact the overall market. Combined, the MAANG companies have a market capitalization of more than $7.1 trillion.
The term FAANG was first coined as FANG by Mad Money’s Jim Cramer in 2013. In 2017, the second “A” was added to include Apple. Although the acronym he invented will likely change after today, Cramer said on Twitter that he liked Facebook’s new name.
In a tweet, Cramer said, “This is not social media, and while Meta is a short mouthful, i like it.”
Facebook said Thursday that it was changing its name to better align with its future ambitions in the metaverse, or a yet to be fully developed digital world where people can interact virtually. CEO Mark Zuckerberg said at the company’s annual Connect conference Thursday that the Facebook name is too “tightly linked” to one product.
“Over time, I hope that we are seen as a metaverse company,” Zuckerberg said. “I want to anchor our work and our identity on what we’re building towards.”
Although the Facebook social media website will retain its name, Zuckerberg noted the company will adjust its ticker to MVRS from FB. The company’s stock was up 1.51% in afternoon trading following its name change announcement.
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