Facebook Reveals New Name, Meta

As Facebook tries to create the metaverse, the company announces a new name.

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As suspected, Facebook announced a new name today during its Facebook Connect event. Mark Zuckerberg announced a new parent company, called Meta, under which Facebook will operate.

Zuckerberg said he hopes Facebook can become known more as a metaverse company as opposed to a social media company. The new name is part of that ambition. Zuckerberg also clarified that users will not need Facebook to access its services going forward.

"Meta's focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses," the company said.

"The metaverse will feel like a hybrid of today's online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can't be together--and do things together you couldn't do in the physical world. It's the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company."

The company said its corporate structure will remain intact, but the way in which it reports earnings will change. Beginning in Q4 2021, Meta will announce earnings for two segments: Family of Apps and Reality Labs. Additionally, the company's stock exchange ticker will change to MVRS beginning December 1.

Facebook recently revealed that it is spending $10 billion this year to create the metaverse and that it has 10,000 people working on it right now.

It's not just Facebook that believes the metaverse is coming. Activision Blizzard CEO Bobby Kotick believes a Ready Player One-like metaverse is on the way.

In other news, Facebook has been facing increased scrutiny after whistleblower Frances Haugen released sensitive company documents to The Wall Street Journal that detailed claims of Facebook acting as a harm to society. Facebook may also be planning to change its name.

Also during the event, it was announced that GTA: San Andreas is coming to Oculus Quest 2.

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