Facebook has announced a change of the company name as part of a comprehensive rebranding.
The social media giant’s new nickname, now called Meta, is meant to reflect the company’s drive to expand its corporate portfolio beyond social networks.
This also includes advancing plans to develop the so-called metaverse, an online world in which people can virtually meet, play and work, often with VR headsets.
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While the broader company name is being renamed Meta, the core Facebook service remains unchanged. Mirror Online reported this.
CEO Mark Zuckerberg said the current brand is “so closely tied to a product that it cannot possibly represent everything we do today, let alone in the future.”
“Over time, I hope that we will be perceived as a metaverse company and would like to anchor our work and our identity on what we are working towards,” he said in a virtual conference.
“We just announced that we will fundamentally change our company. We now view and report on our business as two different segments, one for our app family and one for our work on future platforms.
“And as part of that, it is time for us to adopt a new corporate brand that encompasses everything we do to reflect who we are and what we want to build.
“I am proud to announce that as of today our company is called Meta.”
The name change comes amid a series of controversies that followed the company’s various endeavors, notably its main Facebook platform, Instagram and WhatsApp.
Mark Zuckerberg apologized earlier this month after Facebook, WhatsApp and Instagram were down for six to seven hours.
The social media chief said he apologized for the disturbance after it was revealed that he had personally lost more than £ 4.4 billion Facebook Shares collapse.
The company’s shares fell 4.9 percent on the day of the default as the company grappled with bomb allegations from a whistleblower who said the company “chooses profits over safety”.
Frances Haugen, a former Facebook employee, told the CBS show in 60 minutes that she was “tearing our societies apart.”
She also said that Instagram, which is owned by Facebook, is damaging the mental health of some teenagers, according to the company’s own research.
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