Facebook Inc said on Thursday it would rebrand as Meta, a name change that comes as the company battles criticisms from lawmakers and regulators over its market power, its algorithmic decisions and the policing of abuses on its platforms.
The tech giant said the change would bring together its different apps and technologies under one new brand. It said it would not change its corporate structure.
CEO Mark Zuckerberg announced the change Thursday, saying he wanted a new brand and a clearer corporate structure to help focus on what’s next for the internet beyond social media in what he termed as Metaverse
The metaverse, a term first coined in a dystopian novel three decades ago and now attracting buzz in Silicon Valley, refers broadly to the idea of a shared virtual environment which can be accessed by people using different devices.
The rebrand comes as Facebook faces a deluge of news stories and public scrutiny based on thousands of internal corporate documents obtained by news organizations, including NBC News. The documents, originating with former Facebook product manager and whistleblower Frances Haugen, reveal internal employee dissent over the platform’s policies.
Current Facebook Brand
The change won’t affect the name of the company’s signature blue-coloured app, which will keep the name Facebook. But it will mean a new identity for the corporate umbrella that also owns Instagram and WhatsApp.
Together with the app Messenger, Meta will own and control four of the most popular smartphone apps in the world.
The name is a nod to the idea of the “metaverse,” a term for a potential future internet that emphasizes virtual spaces. Zuckerberg said the metaverse will be the internet’s “next frontier.”
Facebook which currently trades under the ticker “FB” will start trading under the ticker “MVRS” from December 1st.
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