Meta Platforms Inc., is now the name of the parent company that owns Facebook. The renaming of the global social media enterprise surprised everyone. The renaming process however is yet to conclude as the platform goes through another acquisition.
Meta Financial Group is a US regional bank. The group sold its worldwide rights of the company name rights to one Beige Key LLC. It was later known that Meta Platforms is behind Beige Key LLC. The acquisition has been priced at a whooping $60 million.
The sheer amount paid for the name underscores the importance of a name. A company’s name is a part of the company’s identity. When some other company shares your name, it is also sharing your identity. This is the reason why big tech companies are so sensitive about their names and pay such hefty sums for related names.