CNBC’s Jim Cramer has a new acronym to replace FAANG after Facebook changed its name to Meta.
“Bye-bye FAANG, hello MAMAA,” the “Mad Money” host said on Thursday’s show. “What really matters here, as I always say about MAMAA, is that the secret of their valuation is that they’re all in the habit of reinvention. That’s why I love them so much.”
The five companies that form MAMAA are: Meta (formerly Facebook), Alphabet, Microsoft, Amazon and Apple.
Microsoft — which on Friday passed Apple to become the world’s most valuable publicly traded company — was not formally part of the old FAANG acronym, although many on Wall Street would often mention it in the same breath as its fellow technology giants.
FAANG had stood for Facebook, Amazon, Apple, Netflix and Google-parent Alphabet. Cramer first coined the acronym nearly a decade ago, first as FANG before Apple was added in 2017.
It’s become a widely used way to refer to the cohort.
Cramer did not include Netflix in the new acronym, partly because the digital streaming pioneer’s market capitalization has not kept up with the others. Netflix is valued at roughly $301 billion, as of Friday.
Meta’s market cap is more than $900 billion, while Amazon and Alphabet are valued at $1.7 trillion and $1.97 trillion, respectively. Both Apple and Microsoft are worth more than $2.4 trillion.
Facebook announced on Thursday it’s new name of Meta, which the company says better captures its ambitions beyond social media. The company, which includes the Facebook, Instagram and WhatsApp platforms, is investing heavily in what’s known as the metaverse, a digital world in which people use various devices to engage with each other in a 3D environment. Meta also owns the virtual reality headset maker Oculus.
Meta’s stock ticker will change from FB to MVRS on Dec. 1.
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