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| Facebook plans to rename the company under a new name |
Regulators and lawmakers have criticized their business practices, and Facebook plans to rebranding next week to reflect its focus on building a meta-world.
It looks like a name change is imminent. But it can be detected faster. CEO Mark Zuckerberg plans to talk about this at the company's annual Connect meeting on October 28.
This move aims to show the ambitions of the tech giant not only known for social media and all the problems that come with it.
After the name change, the blue Facebook app could become one of several products from the parent company, which is responsible for monitoring organizations such as Instagram, WhatsApp and Oculus.
The company has more than 10,000 employees and manufactures consumer devices such as augmented reality glasses, which, according to Zuckerberg, can be as ubiquitous as smartphones.
He said in July that we'll be transitioning from a social media company to a Metaverse company in the next few years.
A rebranding could separate Zuckerberg's focus on future work from the company's current rigorous review of how its social platforms operate.
Former employee Frances Hogan recently leaked a number of internal documents to the Wall Street Journal and testified before Congress.
Antitrust authorities in the United States and elsewhere are trying to break up the company, and public confidence in the way the company does business has waned.
Facebook hopes to be known for building the meta-universe
It's worth noting that with ambitions growing, Facebook isn't the first well-known tech company to change its name. In 2015, Google was completely reorganized under a holding company called Alphabet.
With this step, you want to show that it is no longer just a search engine. But a large group includes companies that make self-driving cars and healthcare technology.
Snapchat changed its name to Snap in 2016, the same year it started calling itself a camera company and launched its first offering.
The potential name may be related to Horizon, the name of an unreleased version of VR that the company has been developing over the past few years to compete with the Roblox platform.
Shortly after the company launched a collaborative version of the workspace called Horizon Workrooms, the app was recently renamed Horizon Worlds.
Despite Zuckerberg's comments, the company is working hard to lay the groundwork for greater awareness of next-generation technology. Last summer, I put together a dedicated Metaverse team.
Announcing the promotion of Andrew Bosworth, Head of Augmented and Virtual Reality, to Chief Technology Officer. He also announced his intention to hire an additional 10,000 people for Metaverse in Europe.
In the past few weeks, the company has been actively promoting Metaverse ideas. But the metaverse is still a poorly understood concept.
The term was originally coined by science fiction writer Neil Stephenson. It is a virtual world that describes people fleeing the tragic real world.