Facebook plans to rename company with new name, says Verge

(Bloomberg) – Facebook Inc., facing a close review of its business practices, is considering renaming the company with a new name that focuses on the metaverse, according to The Verge.

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CEO Mark Zuckerberg is expected to discuss the name change at the company’s Connect conference on October 28, the website reported on Tuesday. The original Facebook app and service can remain unaltered in their branding, positioned under a parent company that has other billion-user brands like Instagram and WhatsApp in its portfolio. Google already operates a similar structure with its parent company Alphabet Inc ..

A Facebook spokesperson declined to comment, saying the company was “not commenting on rumors or speculation.”

Zuckerberg, who co-founded the social network in 2004, said the key to Facebook’s future lies in the concept of the metaverse – the idea that users will live, work and exercise in a virtual universe. The company’s Oculus headsets and virtual reality service are instrumental in achieving this vision.

“In the years to come, I expect people to go from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said in July. “In many ways, the metaverse is the ultimate expression of social technology. “

Read more: Zuckerberg says Facebook’s future lies in a virtual ‘metaverse’

The rebranding would come at a time when Facebook is under fire from regulators, lawmakers and activists. Whistleblower Frances Haugen has shared thousands of corporate documents with regulators and the Wall Street Journal. The documents detailed Facebook’s struggle to moderate its content and the deleterious mental health effects of its Instagram photo-sharing app.

(Updates with more details on the Facebook app in the second paragraph)

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