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Facebook unveils its new name: Meta

Mark Zuckerberg said that "the name Facebook doesn’t fully contain everything the company does now, and is associated to one product"

Facebook CEO Mark Zuckerberg on Thursday unveiled at his company’s Connect event that its new name will be Meta.

In the event Zuckerberg said “We are a company that builds technology to connect.” And “Together, we can finally put people at the center of our technology and can unlock a massively bigger creator economy.”

He further said this is “to reflect who we are and what we hope to build.”

However “the name Facebook doesn’t fully encapsulate everything the company does now, and is associated to one product. “But over time, I hope we are seen as a metaverse company.”

Zuckerberg, on Thursday, wrote in a blog post that the company’s corporate pattern would not be altering, but how it records financial results will. “Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs” he said.

“We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data” he explained.

Over the past some weeks Facebook has been under sharp examination, after revelations based on damning internal documents delivered to the Wall Street Journal by whistleblower Frances Haugen exhibited that Facebook’s Instagram forum had become a toxic space for teenagers, especially girls.

The antitrust regulators are propelling the company to be broken up, as public trust in the social media platform is fading.

According to international media the rebrand is part of the company’s endeavors to shift gears away from being known as just a social media company and focus on Zuckerberg’s plans for building the metaverse.

He told that over the next several years, Facebook would “effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”

Numerous news outlets, on Monday, divulged further details of the internal documents published to the Securities and Exchange Commission and provided to Congress in redacted form.

They indicated the deep skepticism on Facebook’s researchers that its user base was aging, and the platform was relinquishingting traction among younger generations.

The documents also indicated Facebook had a tiered system to prioritize which countries would receive enhanced protections during elections.

Early speculation pointed on a change related to Google’s 2015 rebrand when it disclosed it would become one of several companies under the umbrella of a larger holding company known as Alphabet.

For Facebook, the original “blue” app would join Instagram, WhatsApp, and Oculus under a parent organization.

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