Facebook to rebrand company with new name next week

Facebook is planning to rebrand the company with a new name that focuses on the metaverse, as the Verge reported.

Facebook’s CEO Mark Zuckerberg plans to talk about the upcoming name change at the company’s annual Connect conference on October 28. The goal is to signal Facebook’s ambition to be popular and known worldwide for more than social media.

Facebook now employs over 10,000 people in the development of consumer devices such as augmented reality glasses, which Zuckerberg hopes will one day be as commonplace as smartphones. In July, Zuckerberg told that “we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”

Facebook has progressively laid the basis for a larger emphasis on next-generation technology. It established a specialized metaverse team this summer. It also just announced that Andrew Bosworth, the head of AR and VR, will be promoted to chief technology officer. And, only a few days ago, Facebook announced its intentions to hire 10,000 additional employees in Europe to work on the metaverse.