Facebook Inc is now called Meta the company announced on Thursday with a new brand focused on creating its “metaverse”, a shared virtual world that it believes will succeed to the internet on mobile.
The name change is happening as the world’s most popular social media company fights critiques from regulators and lawmakers about its market power algorithmic decisions , and the enforcement of its services against abuses.
Chief Executive Officer Mark Zuckerberg, speaking at the company’s live-streamed virtual and enhanced virtual reality event, stated that that the name change reflected the company’s efforts to invest in the metaverse instead of its original social media platform that will continue to be referred to as Facebook.
The term “metaverse” was that was coined by”Snow Crash,” a dystopian book “Snow Crash” three decades ago. It is now getting a lot of attention within Silicon Valley. It is broadly a reference to the concept of a virtual shared world which is accessible to users using various devices.
“Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” Zuckerberg said. Zuckerberg.
The company has invested heavily in virtual and augmented reality, announced that the move will unite its diverse applications and technologies under a new brand. It also said it will not alter the corporate structure of its business.
Tech giant Google, with around 2.9 billion users per month, has come under increased scrutiny in recent times from regulators and lawmakers around the world.
In the latest scandal ex-whistleblower Facebook worker Frances Haugen leaked documents she claimed proved that the company put profit ahead of security for users. Haugen has in the last few weeks appeared before an US Senate subcommittee as well as parliamentarians in the UK’s Parliament. Zuckerberg earlier this week stated that the documents were used to create an “false picture”.
The company announced in a blog posting that it plans to begin trading under the brand new ticker, MVRS, on December 1. On Thursday, the company revealed an updated sign inside its corporate headquarters located in Menlo Park, California, replacing its thumbs-up “Like” logo with a blue infinity-shaped shape.
Facebook shares ended 1.5 percent higher at $316.92 on Thursday.