Facebook is reportedly planning to change the company’s name by next week, according to a report by the Verge. The social media giant is planning to change the name and rebrand the company as it wants to focus on developing the metaverse as it wants to be seen as more than a social media company.
According to the report, Facebook CEO Mark Zuckerberg will unveil the new name of the company next week (October 28) at the annual Connect conference but it could announce the new name earlier as well. This isn’t something new as Mark Zuckerberg has previously talked about turning Facebook into a metaverse company.
Although, the company’s new name is a closely guarded secret and even senior leadership is not aware about it. Facebook has also talked about adding 10,000 ‘high-skilled’ jobs across Europe over the next five years to build its virtual and augmented reality experiences and help build the metaverse company.
However, the company might retain the Facebook branding and put the social media platform under a new parent company, along Instagram, WhatsApp and Oculus. This would be similar to what Google did back in 2015 when it put its various projects and divisions under one parent company Alphabet.
The company is rebranding itself at a time when it is facing extreme criticism over its privacy scandal, including a series of internal documents that were leaked former executive-turned-whistleblower Frances Haugen, who testified before the Senate Committee on Commerce, Science, and Transportation about Facebook repeatedly lying about its platform and choosing “profit over safety.”
Facebook changing its name or rebranding the company would possibly provide a distraction for investigations it is facing as well as avoid some of the bad press it has been getting over recent scandals. Furthermore, the rebranding could also help the the company separate future projects.