Social networking giant, Facebook Inc., is reportedly planning to rename so as to rebrand and showcase more of its metaverse projects.
The coming name change of the company founded in 2004, according to The Verge report would be announced by the CEO Mark Zuckerberg at the company’s annual Connect conference on October 28th, but could unveil sooner, is meant to signal the tech giant’s ambition to be known for more than social media and all the ills that entail.
The rebrand would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more.
Facebook already has more than 10,000 employees building consumer hardware like AR glasses that Zuckerberg believes will eventually be as ubiquitous as smartphones. In July, he told The Verge that, over the next several years, “we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”
A rebrand could also serve to further separate the futuristic work Zuckerberg is focused on from the intense scrutiny Facebook is currently under for the way its social platform operates today. A former employee turned whistleblower, Frances Haugen, recently leaked a trove of damning internal documents to The Wall Street Journal and testified about them before Congress. Antitrust regulators in the US and elsewhere are trying to break the company up, and public trust in how Facebook does business is falling.
