NEW YORK: Facebook is reportedly planning on changing its name next week as part of a rebranding effort so it can focus more on the "metaverse," according to a report by The Verge.
Facebook’s Mark Zuckerberg said the company is changing its corporate name to ‘Meta’ a move that was hinted at in recent weeks and follows the company’s plans to invest billions of dollars in the next iteration of computing that the social media giant’s CEO has dubbed the Metaverse.
Facebook introduced the Metaverse concept over the summer and said on an earnings call Monday that it will invest about $10 billion in the initiative this year through its constituted Facebook Reality Labs. That will be the umbrella for the AR and VR businesses that underpin the Metaverse.
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD— Meta (@Meta) October 28, 2021
According to The Verge, Facebook CEO Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference Oct. 28.