Facebook to Meta Calls for Big Tech’s Name Change From FAANG to MAANG


Fb’s rebranding to Meta Platforms has launched a seek for a brand new identify for the high-flying FAANG group that additionally consists of Apple, Amazon, Netflix, and Alphabet.

Fb on Thursday introduced it’s now referred to as Meta Platforms because the social media firm shifts to constructing the formidable “metaverse”, a shared digital surroundings. The identify change comes after a dangerous whistleblower report and criticism from lawmakers and regulators over its market energy.

The most well-liked suggestion on Twitter for the tech-related heavyweight group was MAANG — the place FAANG’s “F” is changed with “M”. Some customers additionally rearranged the letters to MANGA, referring to Japanese comedian books.

The elite FAANG shares have a mixed market capitalization of about $7.416 trillion (roughly Rs. 5,55,67,013 crore) to this point this 12 months, up from about $5.8 trillion (roughly Rs. 4,34,58,556 crore) final 12 months.

A number of Twitter customers additionally proposed to reshuffle the group so as to add Microsoft — which is competing with Apple for probably the most beneficial US-listed firm — in addition to Tesla, which joined the elite trillion-dollar market worth membership simply this week.

With the reshuffle, some customers came up with MAMATA — that will drop Netflix, which has the smallest market cap in contrast with the remainder of the group at $299 billion (roughly Rs. 22,40,611 crore), and use an “A” for Alphabet, whose search engine Google gave the FAANGs their “G”.

MAMATA — consisting of Microsoft, Apple, Meta, Amazon, Tesla and Alphabet — have a mixed market cap of about $10 trillion (roughly Rs. 7,49,36,849 crore). They make up 1 / 4 of the S&P 500’s weight, in contrast with the legacy FAANG group’s practically 20 %.

“These handful of shares (FAANG) have reigned for fairly a while, and it could be with the start of taper, charges slowly rising and inflation… that these tech lengthy period belongings might turn into much less beneficial,” stated Tom Hayes, managing member at Nice Hill Capital in New York.

Shares of Meta Platforms rose about 2 % in early buying and selling and can get a brand new ticker, MVRS, on December 1.

© Thomson Reuters 2021

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