Tue. Dec 7th, 2021

Facebook, which is facing intense scrutiny of its business practices, plans to rename the company with a new name that focuses on metaverse, according to The Verge.

CEO Mark Zuckerberg is expected to discuss the name change at the company’s Connect conference on October 28, the website said. The original Facebook app and service can remain unchanged in their branding, placed under a parent company that counts other billions of user brands like Instagram and WhatsApp in its portfolio.

Welcome to the metaverse: Mark Zuckerberg wants you to live in his Facebook world.

Welcome to the metaverse: Mark Zuckerberg wants you to live in his Facebook world.Credit:Bloomberg

Google already operates a similar structure with its alphabet parent.

A Facebook spokesman declined to comment, saying the company did not “comment on rumors or speculation.”

Zuckerberg, who co-founded the social network in 2004, has said that the key to Facebook’s future lies in the metaverse concept idea that users will live, work and exercise in a virtual universe. The company’s Oculus virtual reality headset and service is an instrumental part of realizing that vision.

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“In the years to come, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said in July. “Metaverse is in many ways the ultimate expression of social technology.”

The rebranding would come at a time when Facebook is under fire from regulators, lawmakers and activists. Whistle-blower Frances Haugen has shared thousands of corporate documents with regulators and the Wall Street Journal. The documents detailed Facebook’s struggle to moderate its content and alleged harmful mental health effects of its photo-sharing app Instagram.

Bloomberg

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