FACEBOOK CHANGES ITS NAME TO META

Facebook has officially changed its name to Meta, founder Mark Zuckerberg officially announced the change yesterday at his company’s connect event.  “We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.” Said Zukerberg.

“To reflect who we are and what we hope to build,” he added. He said the name Facebook does not fully encompass everything the company does now, and is still linked to only one product and they are so much more than that. “But over time, I hope we are seen as a metaverse company.”

The rebrand is a way for the company to rebrand and shift focus from being known as only a social media company but would like to focus on building a Metaverse. He hopes that over the years Facebook will effectively transition from people seeing it as only a social media company to being a Metaverse company.

He wrote in a post saying that the company’s corporate structure will not be changing, what will change is how it reports financial results.  “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 explained. “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.”

Facebook has been the subject of scrutiny of the last couple of weeks after a whistleblower Frances Haugen showed revelations based on damning internal documents provided to wall street journal, it showed that Facebook and Instagram platforms had become damaging and toxic for teenagers, especially girls. Many think the rebranding is a way for Facebook to try and save face in light of this revelation.