FB is now Meta, after Facebook changed its ticker symbol last week, but a more fundamental change is also afoot.

Meta accounts for 2.45 per cent of the Russell 1000 Growth index, an index it has been part of for almost its entire life as a public company. However, that weighting is about to be reduced significantly, once Ftse Russell rebalances its indices next week.

As part of that rebalancing, Meta will become one of the biggest holdings in the Russell 1000 Value index. Meta is seen as toxic by many, and its shares are down more than 40 per cent this year. The index changes symbolise an important point — long a growth stock darling, Meta is now an unloved value stock.