According to a report this week on tech site “The Verge”, Facebook is planning to rebrand its image with a new metaverse-focused name.
The name change will be announced next week, The Verge said, citing a source with direct knowledge of the matter. The move is likely to position the flagship app as one of many products under a parent company that oversees apps like Instagram and WhatsApp, according to the report. Google adopted such a structure when it reorganized into a holding company called Alphabet in 2015.
Facebook said it does not comment on “rumors or speculation.” Facebook CEO Mark Zuckerberg has spoken about the metaverse, a digital world where people can move between different devices and communicate in a virtual environment. The company has invested heavily in virtual reality and augmented reality.
Zuckerberg plans to discuss the name change at “Connect”, the company’s annual conference, on Oct. 28, but will likely announce it sooner, the Verge said.
The changes come as Facebook continues to be under scrutiny by lawmakers and global regulators for its content moderation practices and the dangers associated with its platform. The leaked internal documents laid the groundwork for a US Senate hearing last week. [ka/ab]