Facebook Planning to Rebrand Company with New Name: The Verge reported on Tuesday that Facebook Inc (FB.O), which has been criticized by regulators and lawmakers for its business practices, is going to rename itself with a new group name that focuses on the metaverse.
Facebook Planning to Rebrand Company with New Name
Mark Zuckerberg, the company’s CEO, is slated to speak about the name change on October 28 at the company’s Connect conference, according to the website. The original Facebook app and service may retain their name, as it is part of a parent business that also owns billion-user brands such as Instagram and WhatsApp. With its parent company Alphabet, Google already has a similar structure.
Since July, Facebook CEO Mark Zuckerberg has been promoting the metaverse, a digital world in which people can move among gadgets and interact in a virtual world, and the company has hugely invested in virtual and augmented reality. The company highly invested in developing hardware like its Oculus VR headsets and working on AR glasses and wristband technologies.
The rebranding would occur at a time when Facebook is facing regulatory, legislative, and activist scrutiny. Frances Haugen, a whistleblower, has given regulators and the Wall Street Journal access to thousands of corporate documents. The documents showed Facebook’s struggles with content moderation and the claimed negative consequences of its photo-sharing service Instagram on people’s mental health.
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Andrew Bosworth, who oversees Facebook’s augmented reality and virtual reality activities, including devices like the Oculus Quest VR headset, was named chief technology officer last month.
Andrew Bosworth, who oversees Facebook’s augmented reality and virtual reality operations, which include devices like the Oculus Quest VR headset, was named chief technology officer last month.
As per the reports of Verge, Zuckerberg plans to talk about the name change while the company’s annual Connect conference on Oct. 28, although it might be revealed sooner.