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I want to take your name

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…

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