Facebook gets a new name, as it is changed to “Meta”

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San Francisco: Social Media giant Facebook, has been changed to Meta. On Thursday it was announced by Facebook that it has changed its name to “Meta”.  The change in the name of social media took place because of the growing popularity of companies beyond the social media world. Hence this new name “Meta”, has reflected the dimensions of Facebook beyond social media. Facebook will be now officially known as “Meta” and has furthermore adopted a new moniker, that is based on the sci-fi term metaverse, and to describe its version for playing and working in the virtual world. “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said. 

Furthermore, the company also went on to announce that, this new name is going to change its stock ticker from FB to MVRS, effective Dec. 1. The stock prices of Meta were closed up on Thursday. The rebranding of the company came up as the company has dealt with a news report which was related to the past month, stemming from whistleblower Frances Haugen’s trove of internal documents.

Back in July, the company made an announcement that the company has created a team, and is going to work on the Metaverse. After two months, the company also made an announcement that it will be elevating Andrew “Boz” Bosworth, who is currently the head of the company’s hardware division, to the role of chief technology officer in 2022. With the third-quarter earnings results on Monday, the company went on to announce that it is going to break out Reality Labs, its hardware division, into its own reporting segment, and start in the fourth quarter. “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.

The company also went on to say that within this week it is going to spend about $10 million for the upcoming year, for the development of the technologies that are required for the building of the “Metaverse”. Zuckerberg said a lot of this is a long way off, with elements of the metaverse potentially becoming mainstream in five to 10 years. The company expects “to invest many billions of dollars for years to come before the metaverse reaches scale,” he further went on to say that, “We believe the metaverse will be the successor to the mobile internet,” 

Apart from this Meta has also announced a new virtual reality headset and has named that project “Cambira”. 

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