Mistaken Facebook Identity Sees Meta Materials Shares Soar 32%

(Bloomberg) -- A day-trader favorite in the U.S. soared in after-hours trading, as investors mistook it for Facebook Inc. following the Internet giant’s rebrand.

After the close of regular trading on Thursday, shares of Canada’s Meta Materials Inc. -- which trades under ticker symbol MMAT -- surged as much as 26%, following a 4.8% gain during market hours. With the rally, the company is worth just about $1.3 billion, a fraction of a percent of the of the company formerly known as Facebook.

Facebook re-christened itself as Meta Platforms Inc. on Thursday, as it decouples its corporate identity from the eponymous social network and highlights a shift to an emerging computing platform focused on virtual reality. 

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