Facebook Reportedly Plans To Change Parent Company Name

Facebook, Inc. reportedly plans to change its name while trying to be seen as more than just a social media company.

According to The Verge, its CEO Mark Zuckerberg hopes to unveil the new name during the annual Connect conference on October 28.

The tech giant expects the change reflects its focus on “building the metaverse,” the news outlet said.

When asked about the move, Facebook’s spokesperson said they would not comment on rumors or speculation. However, it is believed that Facebook would not change the name of its app but would give a new moniker to its parent company.

Moreover, although the new name is unknown, it is believed to be linked to its virtual reality platform, Horizon Worlds, launched in its beta phase with invite-only access.

Facebook wouldn’t be the only tech firm to change its name recently. In 2015, the tech giant Google adopted the name “Alphabet,” claiming that it would allow it to stay “focused on innovation.”

During a July interview with The Verge, Zuckerberg mentioned his plans to shift the firm’s focus to the “metaverse.”

“The metaverse is a vision that spans many companies – the whole industry. You can think about it as the successor to the mobile internet,” he stated.

Also, on Sunday, the social media giant announced that it planned to create 10,000 jobs across the EU to help build the metaverse.

Facebook’s alleged rebranding would come at a critical time for the company, as it faces a period of intense scrutiny over its security protocols.

Former Facebook product manager Frances Haugen recently leaked internal documents to lawmakers and the Wall Street Journal, claiming that the platform allowed high-profile users to bypass some of its rules. As a result, such accounts reportedly posted content that incited violence or harassed others.

Haugan also alleged that the company had ignored important reports that Instagram was harmful to teenagers and had modified its algorithm to make people “angrier.”

Additionally, Facebook experienced its worst outage since 2008 earlier this month, going offline for several hours.