Why it matters: With nearly 3 billion monthly active users, nearly half of the world is on Facebook, and most non-users are familiar with the social network. But according to a new report, the company is about to change its name.
The Verge writes that Facebook's new name reflects its focus on creating metavers. The company will be renamed as a parent group that oversees its suite of apps, including Instagram, WhatsApp, Oculus and the current Facebook app — similar to what happened when Google was reorganized in 2015 into a new subsidiary of Alphabet.
It appears that CEO Mark Zuckerberg intends to speak about the name change at the annual Connect conference on October 28, although it may be announced soon. In July, he said that over the next few years, "we will go from someone who considers us a social media company to a metaverse."
Facebook will also add 10,000 "high-skilled jobs" across the European Union over the next five years to build devices such as virtual and augmented reality experiences. The new name may be related to the unpublished virtual reality world of Facebook called Horizon, which it has been working on for the past few years.
Zuckerberg undoubtedly hopes the name change will help Facebook become worse than the bad press storm it has received in recent weeks, the worst since the Cambridge Analytica 2018 scandal. Internal studies reveal that the social network knew how it was Instagram is harmful to the mental health of teenage girls, Zuckerberg had to deny the allegations, and told Donald Trump that Facebook would not investigate politicians in exchange for less stringent regulations One of the site's worst downtimes in years, a US senator whistleblower testified that Facebook prioritizes making money over doing with things that benefit the public, which most of us already know. A pause and cancel message has been sent to the plugin developer "Unfollow everything".
Report: Facebook changes its name as part of a major rebranding