Facebook plans to change company name

Mark Zuckerberg wants his company to get out of the shadow of social media and be better known for building the metaverse.

Facebook plans to change company name
Facebook plans to change company name

Facebook is planning to change the company name next week to reflect its focus on building the metaverse, according to a source with The Verge.

The upcoming name change, which CEO Mark Zuckerberg plans to say at the company's annual Connect conference on October 28, but could be announced earlier, is intended to signal the tech giant's ambitions. is to want to not only be known in the field of social media.

The rebranding will likely place the Facebook app as one of many products under the parent company, such as Instagram, WhatsApp, Oculus, etc.

A Facebook spokesperson declined to comment on the matter.

Facebook already has more than 10,000 employees building consumer hardware like AR glasses that CEO Zuckerberg believes will eventually be as ubiquitous as smartphones. In July, he said that over the next few years, "we will effectively transition from people who see us primarily as a social media company to a virtual space company".

The rebranding could also help further separate the future work on which Zuckerberg is focused, from the intense scrutiny of how Facebook's social platform works today. A former Facebook employee recently turned a whistleblower against the company, Frances Haugen, revealing a series of internal documents to The Wall Street Journal and even testifying about them before Congress. Antitrust regulators in the US and other countries are also trying to disrupt public trust in the way Facebook does business, causing it to steadily decline.

Facebook isn't the first famous tech company to change its name as its business ambitions expand. In 2015, Google was completely reorganized under a parent company called Alphabet, in part to signal that it was no longer just a search engine but a vast conglomerate of companies. manufacturing driverless cars and medical technology. Snapchat has also rebranded to Snap Inc. in 2016, the same year it started calling itself a "camera company" and launched its first Spectacles camera glasses.

The AR glasses that CEO Zuckerberg believes will eventually be as ubiquitous as smartphones
The AR glasses that CEO Zuckerberg believes will eventually be as ubiquitous as smartphones

In addition to Mark Zuckerberg's comments, Facebook has been gradually laying the groundwork for a greater focus on the next generation of technology. This past summer, it formed a dedicated metaverse team. The company recently announced that its head of AR and VR, Andrew Bosworth, will be promoted to chief technology officer. And just a few days ago, Facebook announced plans to hire 10,000 more employees to work on the metaverse in Europe.

Metaverse is expected "to be a big focus, and I think it's just going to be an important part of the next chapter for how the internet evolves after the mobile Internet," Zuckerberg once said. "And I think that's also going to be the next big chapter for our company, which will probably double in growth in this area."

Complicating matters is that, although Facebook has promoted a lot of metaverse ideas in recent weeks, it's still not a concept that is properly understood by many. This term metaverse was originally coined by science fiction novelist Neal Stephenson to describe a virtual world that allows people to escape from a real, backward world. Now it's being adopted by one of the biggest and most controversial companies in the world - and the company will have to explain to users why its own virtual world is worth it.

Google Tech News - TheVerge

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