On Thursday, At connect event, Facebook CEO Mark Zuckerberg announced that its new name will be Meta.
Zuckerberg said: “We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.” “To reflect who we are and what we hope to build,” he added.
He said the name Facebook doesn’t fully encompass everything the company does now, and is still closely linked to one product. But over time, I hope we are seen as a metaverse company.
This rebrand is part of the company’s efforts to shift gears away from being known as just a social media company and focus on Zuckerberg’s plans for building the metaverse.
In a blog post on Thursday, Zuckerberg wrote that the company’s corporate structure would not be changing, but how it reports financial results will.
He said: “Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs. We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.”
The company’s critics pounced on the rebranding, with an activist group calling itself The Real Facebook Oversight Board saying the platform is harming democracy while spreading disinformation and hate.
“Their meaningless name change should not distract from the investigation, regulation and real, independent oversight needed to hold Facebook accountable,” the group said in a statement.
The social media giant has been battling one of its most serious crises ever since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites’ potential for harm, prompting a renewed US push for regulation.