Business & Investment

Facebook will change its name

© Reuters. File Photo: Taken March 25, 2020, this figure has a 3D-printed Facebook logo on the keyboard. REUTERS / Dado Ruvic / Illustration

(Reuters)-Social media giant Facebook Inc (NASDAQ :) plans to change the brand name with a new name next week, Verge reported Tuesday, citing sources who are directly aware of the issue.

Facebook CEO Mark Zuckerberg will talk about the name change at the company’s annual Connect meeting on October 28, but Verge reports that it could be announced sooner. ..

In response, Facebook said it did not comment on “rumors and speculation.”

The news comes when the company faces increased US government oversight of business practices. Members of both parties have accused the company of growing anger in parliament with Facebook.

With the rebranding, Facebook’s social media apps will be positioned as one of many products under the parent company that also oversees groups such as Instagram, WhatsApp and Oculus, Verge reports added.

In Silicon Valley, it’s not uncommon for businesses to change their names to expand their services.

Google founded Alphabet (NASDAQ :) Inc as a holding company in 2015 to extend its venture beyond the search and advertising business to autonomous vehicle units and health technology to remote internet services. I am supervising.

The report also reflects Facebook’s focus on building the so-called Metaverse, an online world where people can move and communicate in virtual environments using a variety of devices.

Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and plans to connect nearly 3 billion users across multiple devices and apps.

The company also announced on Tuesday plans to create 10,000 jobs in the European Union over the next five years to help build the Metaverse.

Zuckerberg has been discussing the Metaverse since July, and the topical term, first created in a dystopian novel 30 years ago, has been referenced by other tech companies such as Microsoft (NASDAQ :).

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Facebook will change its name

https://www.investing.com/news/stock-market-news/facebook-plans-to-change-its-name–the-verge-2648895 Facebook will change its name

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