Facebook to Change Company Name and Rebrand

Facebook is planning to rebrand with a new group name that focuses on the metaverse, according to the report by the Verge. The media outlet claims that the name change will be announced next week.

Facebook CEO Mark Zuckerberg has been talking up the metaverse, a digital world where people can move between different devices and communicate in a virtual environment, since July, and the group has invested heavily in VR and AR. The move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp, according to the report.

Facebook said it does not comment on "rumor or speculation." If the rumors appear to be true, the rebranding would make sense as the core Facebook business becomes less important to the group. Facebook is under wide-ranging scrutiny from global lawmakers and regulators over its content moderation practices and harms linked to its platforms, with internal documents leaked by a whistleblower forming the basis for a U.S. Senate hearing last week.

Last month, Facebook appointed Andrew Bosworth, the leader of company's AR and VR, as a CTO. Metaverse is popular in Silicon Valley and has been referenced by other tech firms such as Microsoft. Zuckerberg plans to talk about the name change at the company's annual conference next week, but it could be unveiled sooner, the Verge said.