Facebook is changing its company name as it switches to "metaverse" and is undergoing a comprehensive analysis of real-world damage from its various forums after a whistleblower leaked hundreds of internal documents.
Founder Mark Zuckerberg said on Thursday that Facebook would change its business name to Meta, successfully deploying the Facebook branding service to become one of the company's subsidiaries, aligned with Instagram and WhatsApp, rather than a major brand.
The company, formerly known as Facebook, also said in a media statement that it plans to start trading under the "MVRS" stock label on December 1.
Renaming may be part of Facebook's efforts to tarnish the image and turn the page following a series of bad PR dreams, including inaccurate information on its foundations, failure to balance content and revelations about the negative impact its products have on the mental health of other users.
The name change was announced by Zuckerberg during the reality conference and the Augmented reality company Facebook Connect, is accompanied by its growing focus on the metaverse, which refers to the efforts to integrate the real and unpopular technology of taxpayers we see in the new online environment.
"I've been thinking a lot about ourselves as we begin this next chapter. Facebook is one of the most used brands in world history," Zuckerberg said Thursday. “It's a social networking site, but it doesn't really cover everything we do.
"Today we are regarded as a communications company," he added, "but in our DNA, we are a company that builds human communication technology.
And metaverse is the next frontier just as communication existed when we started."
Zuckerberg, who said he enjoyed studying classics at school, said the word was inspired by the Greek word meta, meaning "beyond." "For me, it symbolizes that there is always more to be built."
The company has also changed its company logo, which has a “sixth” image, outside of its California headquarters, with its new logo: the unmistakable blue logo.
Earlier this week, the company said it would launch Facebook Reality Labs - a section dedicated to virtual reality services - as part of a separate reporting feature on its social media platforms. The change will take effect from the fourth quarter.
Facebook did not announce the top changes on Thursday. But on Zuckerberg's Facebook page, his job title was changed to: "Founder and CEO at Meta."
When asked by The Verge if he will be the CEO of Facebook for the next 5 years, he said: "Maybe. I don't have a specific date I want to do this for how long. I think I can say I'm very happy with the next chapter of what we do."
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