The renaming reflects the company’s ambition to move its expanding business portfolio beyond social networks and to advance plans to develop what is known as the metaverse
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Social media giant Facebook has revealed a new company name and brand called Meta.
The renaming reflects the company’s drive to move its growing business portfolio beyond social networks and to advance plans to develop what is known as the Metaverse, an online world where people can virtually meet, play and work, often with VR headsets .
While the broader company name is renamed Meta, Facebook’s core service remains unchanged.
Similarly, in 2015, Google created a new name for its parent company, Alphabet, to represent its shift beyond being a search engine.
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 interruption after it was revealed that he personally lost more than £ 4.4 billion because Facebook shares collapsed.
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”.
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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.
Ms. Haugen said: “On Facebook I kept seeing conflicts of interest between what was good for the public and what was good for Facebook. And Facebook decided again and again to optimize for its own interests, such as making more money. “
She claimed that Facebook once again allowed misinformation to spread on Facebook after a change to its algorithm was reversed after the 2020 US presidential election, in which Joe Biden was elected.