Meta Stock Shoots Up 2%: Why Facebook Parent Is Defying Tech-Weakness Today

Meta Platforms, Inc. META shares rallied in premarket on Tuesday in reaction to the social media company's announcement regarding a Meta Verified subscription plan.

The monetizing plan is available for Instagram and Facebook and will debut in New Zealand and Australia this week. It is priced at $11.99 per month on the web and $14.99 on Apple’s iOS and Google’s Android.

The service will let verify users' accounts with a government ID, get a blue badge, extra impersonation protection and direct access to customer support, CEO Mark Zuckerberg said in a post on Facebook.

See also: Best Technology Stocks

“This new feature is about increasing authenticity and security across our services,” he added.

Commenting on the development, Wedbush analyst Daniel Ives said, “Meta and Zuckerberg heading down the paid blue check subscription path on Facebook and Instagram makes strategic sense that could further monetize the massive installed base with advertising headwinds abound.”

He, however, said it’s potentially a risky move that could alienate consumers.

In premarket trading on Tuesday, Meta shares rose 2.15% to $176.60, according to Benzinga Pro data. This is despite the Technology Select Sector SPDR Fund XLK sliding about a percent to $138.43.