Zuckerberg changes Facebook’s parent company name to ‘Meta’
Published: 11:46 29 October 2021
Facebook CEO Mark Zuckerberg changed its’ parent company name to ‘Meta’; Photo: Collected
Facebook changed its parent company name to “Meta” on Thursday as the tech giant tries to move past being a scandal-plagued social network to its virtual reality vision for the future.
The new handle comes as the company battles to fend off one of its worst crises yet and pivot to its ambitions for the “metaverse”, which would blur the lines between the physical world and the digital one.
Facebook, Instagram and WhatsApp – which are used by billions around the world – will keep their names under the rebranding critics have called an effort to distract from the platform’s dysfunction.
“We’ve learned a lot from struggling with social issues and living under closed platforms, and now it is time to take everything that we’ve learned and help build the next chapter,” CEO Mark Zuckerberg said during an annual developers conference.
“I am proud to announce that starting today, our company is now ‘Meta’. Our mission remains the same, still about bringing people together, our apps and their brands, they’re not changing,” he added.
The company, meanwhile, said that due to the name change, Facebook will change its stock ticker from FB to MVRS, effective from December 1.
After announcing its new name, shares of the company rose more than 3 percent on Thursday.
Earlier last week, a report on Vox Media’s tech blog site The Verge, citing reliable sources, said that Facebook was expanding beyond just being a social media platform.
“Metaverse” refers to a virtual world. People can connect with this world through the internet. This world is a digital combination with reality. Users will feel more at ease in this world as they develop through virtual reality or augmented reality.
Meanwhile, the company’s critics pounced on the rebranding, with an activist group calling itself The Real Facebook Oversight Board saying the platform is harming democracy while spreading “disinformation and hate”.
“Their meaningless name change should not distract from the investigation, regulation and real, independent oversight needed to hold Facebook accountable,” the group said in a statement.
The social media giant has been battling one of its most serious crises ever since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites’ potential for harm, prompting a renewed US push for regulation.
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