On Thursday, Facebook did not make any administrative changes. However, on Zuckerberg’s personal Facebook profile, his employment title has been modified to “Founder and CEO at Meta.”
After a whistleblower disclosed hundreds of internal papers, Facebook is changing its name as it switches its attention to the “metaverse” and faces widespread criticism of the real-world problems caused by its numerous platforms.
Founder Mark Zuckerberg said on Thursday that Facebook will change its corporate name to Meta, thus relegating the company’s eponymous service to the status of a subsidiary, like Instagram and WhatsApp, rather than the overall brand.
In a press statement, the corporation, previously known as Facebook, also stated that it intends to begin trading under the stock symbol “MVRS” on December 1.
A rebranding might be part of an effort to rebuild Facebook’s reputation and turn the page after a string of public relations disasters, including disinformation on its platforms, content moderation failures, and disclosures about the devastating impact its products have on some users’ mental health.
At his company’s Connect event on Thursday, Facebook CEO Mark Zuckerberg revealed that the company’s new name will be Meta. “We are a firm that creates technology to connect,” Zuckerberg explained. “We can finally put humans at the heart of our technology if we work together.” And by working together, we can create a far larger creative economy.”
“To represent who we are and what we aim to build,” he continues. He claims that Facebook does not adequately capture all the firm does now and is still primarily associated with one product. “However, I hope that in time, we will be recognised as a metaverse firm.”
Furthermore, he adds, “From now on, we’ll be the metaverse first, not Facebook first,” Zuckerberg said at the company’s annual Connect conference, adding that the company’s identity is “so firmly attached to one product that it can’t reasonably reflect everything we’re doing now, never alone the future.”
The rebranding was unveiled during Facebook Connect, an augmented and virtual reality conference. The company’s expanding goals beyond social media is reflected in the new name. Facebook has changed its name to Meta, which is based on the sci-fi phrase metaverse, representing its vision for working and playing in a virtual environment.
As we begin this new chapter, I’ve been thinking a lot about our identity. Facebook is one of the most popular products in the world’s history, “On Thursday, Zuckerberg stated. “It is a well-known social media brand, but it no longer encompasses what we do.
Meanwhile, Facebook and its programs, including Instagram, Messenger, and WhatsApp, will retain their identities as part of the rebranding. They will also be kept in a distinct division from Facebook Reality Labs, which houses its virtual reality products. This implies that the social networking program will remain known as Facebook, but the branding will be removed from WhatsApp, Instagram, and other locations.
From now on, all of those applications will be grouped under the “Meta” label, with Facebook being just one of several.
Furthermore, the announcement of the name change comes as Facebook attempts to recover from one of its greatest disasters while advancing its plans for the “metaverse” virtual reality that the internet giant views as the next step in the future. While its ambition is expanding to virtual areas where social media users communicate via digital avatars, the corporation assured that its organizational structure would not change.
The corporation stated that it would “encompass” everything it does as it expands its reach beyond social media into virtual reality (VR) sectors.
The shift solely affects the parent business, not the individual platforms such as Facebook, Instagram, and Whatsapp.
The action comes after a slew of negative headlines about Facebook based on information obtained by an ex-employee.
Frances Haugen has charged the corporation with prioritizing “earnings before safety.”
Google reorganized its corporation in 2015, renaming its parent company Alphabet, but the name has yet to catch on.