UPDATE 2: Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to “help build the next evolution in social technology.” According to their website, “The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.”
UPDATE: The Facebook app will not change its name. Meta says their corporate structure is not changing, but the way they report on financials will. They also intend to start trading under a new reserved stock ticker, MVRS, on 1st December 2021. Today’s announcement does not affect how they use or share data.
Facebook CEO Mark Zuckerberg announced on Thursday (28th October 2021) at the company’s Connect event that their new corporate name going forward will be Meta. Zuckerberg said at the event, “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.” He added, “To reflect who we are and what we hope to build.”
He said the name Facebook doesn’t fully encompass everything the company does. “Right now, our brand is so tightly linked to one product,” he said. “But over time, I hope we are seen as a metaverse company.”
According to The Verge, the rebrand is part of the company’s efforts to shift gears away from being known as just a social media company to focus on Zuckerberg’s plans for building the metaverse.
The Verge said on Thursday, “Facebook has been under intense scrutiny over the past several weeks, after revelations based on damning internal documents provided to The Wall Street Journal by whistleblower Frances Haugen showed, among other things, that Facebook’s Instagram platform had become a toxic place for teenagers, especially girls. And antitrust regulators are pushing for the company to be broken up, as public trust in the social media platform is flagging.”
This is a developing story - refresh this page for updates.
[Source: The Verge]
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