Facebook Inc is planning to rebrand itself with a new name next week, as reported by The Verge, citing a source with direct knowledge of the matter. It is said that the new name given will reflect its focus on building the metaverse.
Facebook’s Chief Executive Officer (CEO), Mark Zuckerberg is said to have plans to talk about the name change at the company’s annual Connect conference on 28 October, but it could be unveiled sooner.
Meanwhile, a spokesperson for Facebook has declined to comment on the “rumor or speculation”.
This move comes after the increasing scrutiny by the U.S. government on the social media giant for its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.
The rebranding will likely position Facebook’s social media app as one of its many products under a parent company, which oversee groups like Instagram, WhatsApp, Oculus and more.
This is not the first case where a well-known tech company changes it company name as its ambitions expand.
Back in 2015, Google established Alphabet Inc as a holding company to expand beyond its search and advertising business. They now oversee various other ventures, ranging from autonomous vehicle unit and health technology to providing internet services in remote areas.
Facebook will be focusing on building its metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.
Facebook was reported to have invested heavily into virtual reality (VR) and augmented reality (AR) and they intend to connect its nearly three billion users through several devices and apps.
They have also announced their plans to hire 10,000 more employees in the European Union over the next 5 years to help build the metaverse.
“The metaverse is going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet.”
“And I think it’s going to be the next big chapter for our company too, really doubling down in this area.” Zuckerberg was quoted saying by The Verge.
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