Big Facebook Rebrand: Rename to Meta

Facebook founder and CEO Mark Zuckerberg announced the renaming of Facebook to “Meta” during the Connect event. According to Zuckerberg, the name reflects the nature of the company and the future it wants to build.

Zuckerberg announced the name change during the Connect and Augmented Reality event. This name reflects the company’s ambitious performance to be in a world beyond social media. Facebook has chosen the name Meta after the term metaverse, which represents a virtual world for work and play.

During the Connect event, Zuckerberg said that the nature of Facebook, now called Meta, is how people relate to each other:

“Today we are considered a social networking company, but at DNA, we are a company that has built technology for people to connect with each other and is the crossroads of the next frontier, right where we started on social media.”

Earlier reports had suggested a possible name change, as Facebook focused specifically on Metawares and announced a $ 10 billion investment in virtual reality and augmented reality. The company is also looking to recruit 10,000 people in the EU to work on such a project, so much a name change is surprising.

With this announcement, the value of Meta shares or Facebook experienced a growth of 3%. Zuckerberg now owns meta @ on Twitter and the meta.com website, which of course goes to the Facebook welcome page and shows such a change.

Zagerberk said in a post that such a name change would not change the structure of the company, but how the financial results would be reported would change:

“From the fourth quarter of 2021, we want to publish reports in two operational areas: the Apps family and Reality Labs. We also want to start trading under the new stock we have reserved, MVRS, from December 1st. “Our statement today has no bearing on how we use or share the data.”

Some speculate that such a change is similar to Google’s 2015 rebranding, which announced the formation of a parent company called Alphabet, of which it became a subsidiary. Another reason for this could be criticism of the company by lawmakers and politicians from different countries, as well as a decrease in users’ trust in Facebook. With this name change, almost all Facebook-owned companies, such as Instagram, WhatsApp and Aquiles, will become a meta-subsidiary.

Metavars is a digital or virtual world in which people interact with each other and it is possible to work as well as play various games. Various companies are working in this field, and now Facebook wants to be present in this field with great power, and changing its name indicates such a goal.