Facebook, the world’s biggest social media company, is now planning to rebrand itself with a new name next week. This information comes from a source with direct knowledge of the matter. The Chief Executive Officer of Facebook, Mark Zuckerberg, is planning to talk about the name change at the company’s annual Connect conference on Oct. 28. however, the new logo of the company might be unveiled pretty much sooner than the meeting.
Facebook did not publicly comment on “rumor or speculation,” and the news comes at a time when the company is facing increasing U.S. government scrutiny over its business practices. Lawmakers from both Facebook and the opposition have excoriated the company, illustrating the rising anger in Congress with Facebook.
This new branding of the company will position Facebook’s social media app as one of many products under a parent company, and this parent company will oversee the groups such as Instagram, WhatsApp, Oculus, and more. This practice is not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.
We have seen Google establishing Alphabet Inc as a holding company in 2015, which was formed to expand beyond its search and advertising businesses and also to oversee various other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.
Facebook’s move to rebrand itself will also reflect on the company’s focus on building the so-called metaverse, which as described by the company, is an online world where people can use different devices to move and communicate in a virtual environment.
The social media giant has invested heavily in virtual reality (VR) and augmented reality (AR) and has plans to connect its nearly three billion users through several devices and apps. Facebook also announced plans on Tuesday that it aims to create 10,000 jobs in the European Union over the next five years to help build the metaverse for the company.
