The company’s new name will be Meta, according to Facebook CEO Mark Zuckerberg, who announced it during the company’s Connect event on Thursday. “We are a technology company that connects people,” Zuckerberg explained. “We can finally put humans at the heart of our technology if we work together.” And by working together, we can create a far larger creator economy.”
He went on to say, “To reflect who we are and what we aim to build.” He claims that the name Facebook does not fully encompass all the firm does now and that it is still intimately associated with a single product. “However, I hope we become known as a metaverse company over time.”
Zuckerberg owns the Twitter handle @meta (whose tweets are currently shielded) as well as meta.com, which now leads to a Facebook welcome page explaining the changes.
The redesign is part of the business’s efforts to shift gears away from being known as just a social network company and focus on Zuckerberg’s goals for constructing the metaverse, as The Verge originally reported on October 19th. In July, he told The Verge that Facebook would “essentially transition from people seeing us as largely a social media company to being a metaverse company” over the next several years.
In a blog post published Thursday, Zuckerberg stated that the company’s organizational structure will not change, but how it presents financial results would. He explained, “Starting with our fourth-quarter results in 2021, we expect to report on two operating segments: Family of Apps and Reality Labs.” “On December 1, we plan to begin trading under the new stock ticker MVRS, which we have reserved. The announcement made today has no bearing on how we use or exchange data.”
Facebook has been the subject of intense scrutiny in recent weeks, following revelations based on damning internal documents provided to the Wall Street Journal by whistleblower Frances Haugen, which revealed, among other things, that Facebook’s Instagram platform had become a toxic environment for teenagers, particularly girls. Antitrust regulators are pushing for the company’s dissolution, as public confidence in the social media platform is waning.
Multiple news sites released more details about the internal documents that were submitted to the Securities and Exchange Commission then redacted and provided to Congress on Monday. They revealed Facebook’s experts’ significant concern that its user base was aging and that the network was losing traction among younger generations. The documents also revealed that Facebook used a tiering mechanism to determine which nations would benefit from increased election security.
Early conjecture pointed to a rebranding similar to Google’s announcement in 2015 that it will become one of several firms under the umbrella of a larger holding company known as Alphabet. The original “blue” app would be merged with Instagram, WhatsApp, and Oculus under Facebook’s parent corporation.