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Facebook is reportedly changing its name because it wants to be known for its 'metaverse' focus

Business Insider
Business Insider
 2021-10-20
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Facebook CEO Mark Zuckerberg on stage at an Oculus developers conference in 2016.
  • Facebook is planning to rebrand the company with a new name, The Verge reported Tuesday.
  • The name change aims to recast Facebook as focused on building a "metaverse."
  • Facebook could unveil the new name within the week, according to The Verge.

Facebook is planning to change the name of the company next week, The Verge reported Tuesday evening.

The new name will aim to recast Facebook's focus on becoming a "metaverse company" rather than a social media company by rebranding its main app as one of many under a singular parent company, according to The Verge.

CEO Mark Zuckerberg will discuss the name change at Facebook's annual Connect conference on October 28, but the company could announce the name before then, The Verge reported.

Facebook did not respond to a request for comment on this story.

The metaverse typically refers to the loosely defined concept of a virtual space where people can operate virtual and augmented reality-powered avatars. The term metaverse was coined by sci-fi author Neal Stephenson in his 1992 book, "Snow Crash," but the idea has appeared in popular culture through movies like "The Matrix" and "Ready Player One."

Facebook said Monday that it wants to hire 10,000 people across Europe to help build the company's own version of a metaverse, which has increasingly captured Zuckerberg's attention .

In July, Zuckerberg told The Verge that he views the metaverse as "an embodied internet, where instead of just viewing content - you are in it."

Facebook's proposed name change also comes at a time when it is facing another round of scrutiny over a range of scandals related to its social media platforms, including a series of documents leaked by a whistleblower to Congress, the Securities and Exchange Commission, and media outlets.

Katie Canales contributed reporting to this story.

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