Facebook Plans to Change Name to Reflect Metaverse

The Verge, citing a source familiar with the matter, reports that Facebook is planning to change the name of its company to reflect its focus on building the metaverse.

The Facebook name change, which CEO Mark Zuckerberg plans to talk about at the company's annual Connect conference on October 28 may be revealed soon, to signal the company's ambition to be known for more than social media.

"The new name comes as the company faces increased scrutiny from the US government over its business practices. Lawmakers from both parties have criticized the company, illustrating the growing anger in Congress over Facebook," The Verge added.

"In October, Facebook said it plans to hire 10,000 people in the European Union over the next five years to help build the metaverse - an emerging online world where people live and communicate in shared virtual spaces."

The Verge pointed out that Facebook, which also owns WhatsApp and Instagram, plans to invest $50 million to build virtual world, investing heavily in virtual reality (VR) and augmented reality (AR) to connect nearly three billion users through new devices and apps.