Facebook is planning to change its name - Report

According to The Verge, Facebook might change its company name to align with its focus on building the metaverse. This is according to a source with direct knowledge of the matter that spoke to the publication.
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Mark Zuckerberg, CEO of Facebook, reportedly plans to talk about the supposed name change at the company's annual Connect conference on 28 October. The rebrand is meant to signify the company's ambition to be recognised as more than just a social media platform. The report also said the name change will likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. A Facebook spokesperson declined to comment on this story.

"A rebrand could also serve to further separate the work Zuckerberg is focused on from the scrutiny Facebook is currently under for the way its social platform operates today," the report states. Whistleblower, Frances Haugen, who was a previous employee of Facebook, recently leaked documents to The Wall Street Journal. "Antitrust regulators in the US and elsewhere are also trying to break the company up, and public trust in how Facebook does business is falling," the The Verge reported.

Zuckerberg said in July that Facebook will effectively transition from people seeing them as primarily being a social media company to being a metaverse company. Metaverse refers to the concept of users living, working and exercising inside a virtual universe.

The metaverse is "going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet. And I think it’s going to be the next big chapter for our company too, really doubling down in this area," Zuckerberg previously told the publication.

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