Facebook's name has been changed to Meta by the social media giant at its annual conference about augmented reality and virtuality technology on Thursday.
Mark Zuckerberg, the CEO of Facebook, announces their new name, Meta, on the screen at a device in Sausalito (Calif.). ASSOCIATED PRS
The Key Facts
Mark Zuckerberg, Facebook CEO, said that Meta, the new name for Facebook is Greek for "beyond." The decision to rename Facebook was taken to reflect who and what the company is, Mark Zuckerberg, Facebook CEO said. Facebook Inc. also controls WhatsApp and Instagram, as well as other mobile apps. The Verge reported earlier this month on a possible rebranding, prompting speculation that the social media giant might announce its new name today.
Zuckerberg stated that our brand is too closely tied to one product right now that it cannot possibly represent all that we do in the future. I hope we become a metaverse company over time. I want our work and identity to be anchored on the goals we're working towards.
$868.5 billion This is the market value for Facebook, the world's largest company by market capitalization. According to the Wall Street Journal, it had 3.6 billion users per month worldwide in the third quarter.
Facebook's decision to change its name mirrors Google's 2015 restructuring as a subsidiary under Alphabet Inc. Critics are skeptical of the effectiveness of Facebook's attempts to improve its brand image and reputation. Bloomberg reported that Facebook, as a brand, product, and company, is so deeply ingrained in the global consciousness that it would be very difficult to change its image.
At the company's annual Connect conference, Zuckerberg gave more details on the metaverse. This is a concept that combines virtual reality with physical reality. Zuckerberg stated that gaming will be the first feature to draw users into the metaverse. Zuckerberg also plans to offer workout sessions and features that allow users to learn about work and education in the metaverse. Zuckerberg stated that Facebook may allow users to have separate accounts from their social media accounts. Facebook already has smart sunglasses with integrated cameras that were jointly developed with Ray-Ban.
Facebook reportedly plans to change its company name (Forbes).
Facebook Changes Its Name Here are Other Major Companies that took the Dramatic Step (Forbes).
Facebook's Metaverse Project is expected to cost at least $10 billion in 2021 (Forbes).