Social media giant, Facebook has announced a new name that will reflect its focus on creating a metaverse at its annual Connect event.
Facebook CEO Mark Zuckerberg made the announcement on Thursday at his company’s Connect event that its new name will be Meta.
Zuckerberg said “We are a company that builds technology to connect,”
“Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.”
“To reflect who we are and what we hope to build,” he added.
He said the name Facebook doesn’t fully encompass everything the company does now, and is still closely linked to one product. “But over time, I hope we are seen as a metaverse company.”
According to Allnews ealier report, the rebrand is expected to position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more.
Zuckerberg stated that the company’s corporate structure would not be changing, but how it reports financial results will. Kin a blog post.
“Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs” he explained.
“We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.”
The change would be similar to what Google did in 2015 when it put its various projects and divisions, along with itself, under its parent company Alphabet.