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CEO Mark Zuckerberg plans to discuss the name change at the annual meeting on October 28, but it may be earlier.
The American technology blog The Verge reported on Tuesday that the social media giant Facebook Inc plans to rename it under a new name next week, citing a source with direct knowledge of the matter.
According to Verge, Facebook CEO Mark Zuckerberg (Mark Zuckerberg) plans to discuss the name change at the company’s annual Connect meeting on October 28, but it may be announced sooner.
In response, Facebook said it does not comment on “rumors or speculation.”
The news comes as the company is facing increasingly stringent scrutiny of its business practices by the U.S. government.
Legislators from both parties have condemned the company, which shows that Congress is increasingly angry with Facebook.
‘A Metaverse Company’
The Verge report added that the rebranding will make Facebook’s social media application one of the many products of the parent company, and the company will also oversee groups such as Instagram, WhatsApp, and Oculus.
In Silicon Valley, it is not uncommon for companies to change their names when bidding to expand services.
Google established Alphabet Inc as a holding company in 2015 to expand its business beyond search and advertising to oversee various other businesses from its self-driving car division and health technology to providing Internet services in remote areas.
According to the report, the rebranding move also reflects Facebook’s focus on building the so-called Metaverse, which is an online world where people can use different devices to move and communicate in a virtual environment.
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR), and intends to connect its nearly 3 billion users through multiple devices and applications. On Tuesday, the company announced plans to create 10,000 jobs in the European Union over the next five years to help build the meta universe.
Zuckerberg has been talking about Metaverse since July, when he said that the key to Facebook’s future lies in the concept of Metaverse—the idea that users will live, work, and exercise in a virtual world. The company’s Oculus virtual reality headsets and services are an important part of realizing this vision.
“In the next few years, I expect people to shift from seeing us primarily as a social media company to seeing us as a meta-universe company,” Zuckerberg said at the time. “In many ways, the metaverse is the ultimate expression of social technology.”
This fashionable term first appeared in a dystopian novel three years ago and has been cited by other technology companies such as Microsoft.
Verge reports that the possible name of the company may be related to Horizon. Recently, Facebook renamed its VR game platform “Horizon” under development to “Horizon World”.
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