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The recent Meta Connect 2024 eThe recent Meta Connect 2024 event, which featured a mix of new products and technological developments from Metaplatforms (NASDAQ:META), could prove to be a vindication that the company’s bets on the metaverse will soon pay off.
What happened: At Meta Connect 2024, CEO of Meta Mark Zuckerberg highlighted a cheaper Quest virtual reality headset, new artificial intelligence features and the Orion smart glasses.
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“A lot of the things we’ve been talking about for a while, glasses, mixed reality, AI, it’s happening. And we can start to see what the future of computing and the future of human connection will look like, and it’s pretty awesome.” , Zuckerberg said.
When talking about the Orion glasses, Zuckerberg said the company is now “getting closer to realizing the dream of Reality Labs.”
Reality Labs is the segment of Meta Platforms that focuses on the metaverse, virtual reality and augmented reality.
The segment is part of Meta’s big bet on these ideas to show growth in the coming years, so much so that the company formerly known as Facebook changed its name to Meta Platforms on October 29, 2021.
“Connection is evolving and so are we,” the company said at the time. “The Metaverse is the next evolution of social connection. Our company’s vision is to help bring the Metaverse to life, so we’re changing our name to reflect our commitment to this future.”
Zuckerberg announced the name change during the 2021 Facebook Connect event.
“To reflect who we are and what we hope to build, I’m proud to announce that starting today our company will be called Meta,” Zuckerberg said.
Zuckerberg said that from then on the company would be “metaverse-first, not Facebook-first.”
The company changed its name to Meta Platforms and eventually changed its stock ticker from FB to MVRS. In 2022, the company announced that it would change its ticker from MVRS to the current META.
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Meta Platforms has undergone several layoffs in recent years, leading to questions from shareholders and employees about whether the company has been investing too aggressively in the metaverse to grow.
The company’s Meta Connect event and recent earnings reports suggest further growth could come from its continued investments in the metaverse.
To invest $1,000 in FB stock: The shares traded under the ticker FB at the time and were trading at approximately $325.52 on October 28, 2021, when the rebrand and new business focus were announced.
With an investment of $1,000 in Facebook stock we could have bought 3.07 shares at the time. Today, the $1,000 investment would be worth $1,758.53, an increase of 75.9% over the past nearly three years.
By comparison, investing in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 Index, is said to have underperformed. A $1,000 investment in the SPY at the time would be worth $1,240.11, an increase of 24%.
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This article If You Invested $1,000 In Facebook Stock When Mark Zuckerberg Changed His Name To Meta, Here’s How Much You’d Have Today originally appeared on Benzinga.com
