For changing its name to Meta… Facebook is serious. It just completed a USD 60 mln deal to get the naming rights of the word “Meta” from a different company – Meta Financial Group.
Meta Financial Group? Who’s that?
It’s a holding company for a US bank named MetaBank. The bank mainly has operations in the US states of South Dakota and Iowa.
- Here’s some money 💳 MetaBank got attention in early January when the government used MetaBank debit cards to distribute money to American citizens.
- On Monday, It said Facebook agreed to acquire the worldwide rights to the words “Meta” + related names for USD 60 mln in cash.
What about MetaBank? The company said that it would use part of the money from the deal to implement a new name, but hasn’t announced it yet. (Any suggestions 😆?)
Why is the name so important to Meta?
Of course it is! Facebook changed its name to Meta back in October, wanting to show the company was going “all-in” in getting to the metaverse.
- What’s the metaverse? 🤖 It’s like a virtual world to shop, play games, and interact with friends.
- This deal shows just how important the name has become for Meta, as it was willing to spend USD 60 mln on naming rights.
Meta Financial’s shares fell 1.5%, but Meta (the Facebook one) went up 📈 1.6% after the news. Maybe there’s more to a name than we thought…