Global Markets

Facebook renames; Meta as refocuses on virtual reality.

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Facebook Inc (NASDAQ: FB) has changed its name to Meta, the business announced on Thursday, in a rebranding that focuses on creating the “metaverse,” a shared virtual world that the firm believes will be the successor to mobile internet.

The name change comes as the world’s largest social media business faces legislative and regulatory scrutiny for its market power, algorithmic judgments, and policing of abuses on its services.

Announcing at the company’s live-streamed virtual and augmented reality conference, CEO Mark Zuckerberg said the new name represented the company’s work investing in the metaverse rather than its namesake social media site, which will remain called Facebook.

The term “metaverse” was coined three decades ago in the dystopian novel “Snow Crash,” and it is now gaining traction in Silicon Valley.

It broadly refers to the concept of a shared virtual reality that may be accessed by people using various devices. “Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” said Zuckerberg The company, which has made significant investments in augmented and virtual reality, stated that the transition would unite its various apps and technology under a single new name.

It stated that it will not alter its corporate structure. The tech behemoth, which has over 2.9 billion monthly users, has been under increased scrutiny from worldwide lawmakers and regulators in recent years. In the most recent controversy, whistleblower and former Facebook employee Frances Haugen published documents claiming that the business prioritized profit before user safety.

In recent weeks, Haugen has testified before a Senate subcommittee in the United States and parliamentarians in the United Kingdom’s Parliament. Earlier this week, Zuckerberg stated that the records were being exploited to construct a “false picture.”

In a blog post, the business stated that it plans to begin trading under the new stock ticker, MVRS, on December 1. It unveiled a new sign at its Menlo Park, California, headquarters on Thursday, replacing its thumbs-up “Like” emblem with a blue infinity form. On Thursday, Facebook shares closed 1.5 percent higher at $316.92.

Story by : Norvisi Mawunyegah