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Facebook plans to rebrand under a new name, says The Verge

 


October 20 (Reuters)-Facebook Inc (FB.O) plans to change its brand name to a new Metaverse-focused name after being attacked by regulators and legislators over its business practices Verge reported on Tuesday.

The name change will be announced next week, The Verge reported, citing sources who are directly aware of the issue.

According to reports, the move could position the flagship app as one of many products under the parent company that oversees brands such as Instagram and WhatsApp. Google (GOOGL.O) adopted such a structure when it was reorganized into a holding company called Alphabet in 2015.

Facebook said it didn’t comment on “rumors and speculation.”

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Facebook CEO Mark Zuckerberg has been talking about Metaverse, a digital world where people can move between different devices and communicate in a virtual environment since July. The company has invested heavily in virtual reality and augmented reality to develop hardware such as Oculus. We are working on VR headsets, AR glasses and wristband technology.

First coined in a dystopian novel 30 years ago, this topical term is popular in Silicon Valley and is referenced by other tech companies such as Microsoft. The popular children’s game Roblox (RBLX.N) describes itself as a Metaverse company. Fortnite from Epic Games is also considered part of the Metaverse.

Zuckerberg will discuss the name change at the company’s annual Connect meeting on October 28, but could be announced sooner, Barge said.

The move is the basis for last week’s U.S. Senate hearing as Facebook was under extensive scrutiny by global lawmakers and regulators for content moderation practices and platform-related harm, whistleblowers leaked internal documents. It happens when it becomes.

Report by Shivam Patel and Shubham Kalia in Bangalore. Additional reports by Bhargav Acharya and Juby Babu. Edited by Rashmi Aich and Anil D’Silva

Our Criteria: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/technology/facebook-plans-change-its-name-verge-2021-10-20/

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