Facebook changes company name to Meta

This article focuses on MMAT
Facebook announced Thursday that it had changed the company name to Meta. At the Facebook Connect conference for augmented and virtual realities, the name change was made public. The company's ambitions go beyond social media. Facebook, now called Meta, adopted the new name, which is derived from the sci-fi term Metaverse to describe its vision of working and playing in virtual worlds. Today we are known as a social media company but in our DNA, we are a company that creates technology to connect people. The metaverse, according to Meta CEO Mark Zuckerberg, is the next frontier, just like social networking was back when we started. In announcing its new name, the company said that it would change its stock ticker to MVRS from FB. This will take effect Dec. 1. Meta's stock price rose more than 2% Thursday.


The company announced in July that it had formed a team to work on the metaverse. The company announced two months later that it would make Andrew "Boz", currently the head for the company's hardware department, chief technology officer in 2022. The company also announced in its third quarter earnings results that Reality Labs, its hardware business, will be separated into its own reporting segment. This is expected to begin in the fourth quarter. Zuckerberg sent a Thursday letter stating that the company hopes the metaverse will be a global platform for billions of people and hundreds of billions in digital commerce. It also plans to create millions of jobs for creators and developers. The company has increased its hardware efforts over the years. It launched a line portal video-calling devices, launched the Ray-Ban Stories glasses, and released various Oculus virtual-reality headset versions. According to the company, augmented and virtual reality will play a major role in its future strategy.