The topline
Meta Platforms made a key stride in its rebrand from Facebook this month, acquiring the exclusive rights to the name “Meta” from a South Dakota bank in a $60 million transaction.
Meta Platforms took another important step towards its Facebook rebranding this month.
Here are some key facts
Meta Financial Group, a South Dakota company, stated Monday that it had sold its Meta trademark assets and other Meta-related property to Beige Key LLC in a Securities and Exchange Commission filing. Meta Platforms spokespeople confirmed this to them. SME.
Reuters reported first the link between Beige Key, Meta Platforms and Facebook. The company changed its name to Facebook in October.
The filing states that Meta Financial, and MetaBank’s subsidiary MetaBank, will be allowed to remove Meta from their names and branding for a year.
The Crucial Quote
In a statement, a spokesperson for MetaBank said that the bank had received tens of thousands of deposits from customers. SME: “There is a relationship between Beige Key LLC and Meta Platforms and MetaBank was aware of such relationship prior to entering this agreement.”
Important Background
Mark Zuckerberg (founder and CEO Facebook) announced the company’s intention to change its name, Meta, at its October 28 conference. The name change reflects the company’s pivot to the “metaverse,” referencing the company’s increased focus on augmented and virtual reality technology. The company has become more aggressive with its push into the “metaverse” recently, making a beta version of its social virtual reality game available to all American and Canadian adults last week.
Tangent
The user operating the @metaverse Instagram account told the New York Times Monday that the social media service — which is owned by Meta Platforms — shut down her account a few days after the Meta name change. It was closed for more than a month, before Instagram restored the account.
Additional Reading
Exclusive: Facebook Owner is Behind $60 Mln Deal for Meta Name Rights (Reuters)
Her Instagram Handle Was ‘Metaverse.’ Last Month, It Vanished. (New York Times)
Two months after the Metaname Change, Facebook dives deeper into The Metaverse (SME)
SME Paid Under
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