The US-based social media giant, Facebook is reportedly planning to rebrand itself with a new name next week, in line with the company’s vision to reflect its focus on building metaverse.
Facebook Chief Executive Officer Mr. Mark Zuckerberg plans to talk about the name change at the company’s annual Connect Conference on October 28th, but it could be unveiled sooner, media reports stated, citing a source with direct knowledge of the matter.
Silicon Valley companies have earlier changed their names as they bid to expand their services. Google established Alphabet as a holding company in 2015 to expand beyond its search and advertising businesses, to oversee various other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.
Similar to how Google rebranded under the Alphabet umbrella, the rebrand would likely position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the report added. In response, the social media giant said it does not comment on “rumor or speculation.”
The rebranding news comes at a time when the company is facing increasing US government scrutiny over its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps. The company also announced its plans to create 10,000 jobs in the European Union over the next five years to help build the metaverse.
“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company. In many ways the metaverse is the ultimate expression of social technology,” Mr. Zuckerberg said in July.
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