Facebook has officially changed its corporate name to “Meta” as it paves the way to the “metaverse.”
CEO Mark Zuckerberg announced the tech giant’s rebrand during Facebook’s annual developer-focused Connect conference on Thursday.
When asked about the former Facebook name, derived from its 2003 iteration FaceMash, Zuckerberg said it needed to be changed as it did not cover all its operations. The existing brand could not “possibly represent everything that we’re doing today, let alone in the future,” he said.
But the change only applies to the parent company. Its individual platforms, including Facebook, Instagram, WhatsApp, and Messenger, will retain their names.
Facebook’s head revealed the new name after detailing its plans to build the “metaverse,” which he has described as a virtual world where people can play, communicate and work using virtual reality (VR) headsets.
“Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards,” Zuckerberg, the keynote speaker, said during Thursday’s event.
He clarified that they had started looking at and reporting on their business as two separate segments: one for their worldwide-used family of apps and one for their future platform projects.
Therefore, as part of its aspirations, the tech firm decided to adopt a new brand that “encompasses everything that we do, to reflect who we are and what we hope to build.”
The word “meta” means “beyond” in Greek. According to Zuckerberg, the new name means that users don’t need to use Facebook to enjoy the company’s other services in the future.
Facebook also unveiled its new sign on Thursday, replacing its signature thumb-up “Like” logo with a blue infinity symbol.
The metaverse promises to be more than a VR version, and some observers consider it could be the future of the Internet.
In a metaverse, users don’t have to use a computer but rather a headset to enter a virtual world where they can connect to different digital environments, from workplaces and concerts to meetings with family members or friends.
During Thursday’s conference, the company also announced that it planned to start trading its shares under the new stock ticker MVRS from December.
News about Facebook’s rebranding comes after former employee Frances Haugen leaked some documents, accusing the social media giant of putting its profits and growth before safety.
