Facebook Paid $60M for Meta Name

Facebook changed the company name last October. Changed it to Meta Platforms Inc. Taking serious and pioneering steps in this regard Meta Platforms Inc. acquired the naming rights of Meta Financial Group bank in Sioux Falls, South Dakota for $60 million due to similarity.

Facebook’s new parent company, Meta Platforms Inc., started the process of purchasing the naming rights of Meta Financial Group on December 7, in an application filed with the US Securities and Exchange Commission (SEC).

Both companies confirmed to Reuters that Meta (Facebook) used a shell company called Beige Key LLC to buy the trademark rights to the bank. MetaBank name will be changed gradually within one year.

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