Facebook was reportedly planning to rebrand the company with a new name.
FACEBOOK — In order to reflect the focus on “building the metaverse”, a social media giant was reportedly planning to rebrand itself with a new name.
The Verge reported that a source with direct knowledge of the matter said that Facebook CEO Mark Zuckerberg planned to talk about the rebrand at the company’s annual Connect conference next week, October 28, but it could be revealed sooner.
Facebook, in response, said that it didn’t comment on “rumor or speculation”.
The news on Facebook’s move to rebrand came at a time when the social media giant was facing increasing US government scrutiny over its business practices.
According to a report on Reuters, lawmakers from both parties have criticized the social media giant, illustrating the rising anger in Congress with the company.
The Verge report also stated that the name changing would position the company’s social media app as one of the products under a parent company, which will also oversee groups such as WhatsApp, Instagram, Oculus, and more.
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According to a report on The Verge, the move to rebrand will reflect Facebook’s focus on building the so-called “metaverse”, an online world wherein people can use different devices in order to move and communicate in a virtual environment.
The social media giant had invested heavily in augmented reality (AR) and virtual reality (VR) and intended to connect its nearly 3 billion users through different apps and devices.
Facebook also announced on Tuesday its plans to create 10,000 jobs in the European Union (EU) over the next 5 years in order to help build the “metaverse”.
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