Facebook

Facebook is changing its name, according to reports

Technology

The Verge reported on Tuesday that Facebook Inc will rebrand itself with a new name next week, citing a source with firsthand knowledge of the situation.

According to The Verge, Facebook CEO Mark Zuckerberg wants to discuss the name change during its annual Connect conference on Oct. 28, although it might be revealed sooner.

Facebook responded that it did not comment on “rumor or supposition.”

The disclosure comes when the company’s business operations are being scrutinized by the US authorities. Facebook has been chastised by lawmakers from both parties, illustrating Congress’s growing dissatisfaction with the firm.

According to Verge, the renaming will portray Facebook’s social network app as one of many products under a parent corporation that will control Instagram, WhatsApp, Oculus, and other companies.

It’s not uncommon for companies in Silicon Valley to change their names to expand their offerings.

In 2015, Google formed Alphabet Inc as a holding company to supervise numerous other operations ranging from its autonomous vehicle unit and health technologies to delivering internet services in rural locations, in addition to its search and advertising companies.

According to the source, the rebranding would also reflect Facebook’s aim of establishing the so-called metaverse. In this online world, people can move and converse in a virtual environment using various gadgets.

Facebook has made significant investments in virtual reality (VR) and augmented reality (AR) to connect its almost three billion users across many devices.

It unveiled plans on Tuesday to generate 10,000 jobs in the European Union over the next five years to aid in developing this metaverse.

Subsequently July, Zuckerberg has been promoting the metaverse, which was first conceived in a dystopian novel three decades ago and has since been mentioned by other internet companies such as Microsoft.

According to The Verge, the company’s name could have anything to do with Horizon. Facebook just rebranded its in-development virtual reality game platform, ‘Horizon,’ to ‘Horizon Worlds.’