The founder of Facebook, Mark Zuckerberg d
isclosed this yesterday that Facebook will change its corporate name to Meta, effectively demoting Facebook’s namesake service to being just one of the company’s subsidiaries, alongside Instagram and WhatsApp, rather than the overarching brand. CNN reports.
The company, prev
iously known as Facebook also said in a Press release that it plans to begin trading under the stock ticker “MVRS” from December 1.
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The change of name which was made public by Zuckerberg during the company’s virtual reality and augmented reality conference Facebook connect aligns with its growing focus on the metaverse, which refers to efforts to combine virtual and augmented reality technologies in a new online realm.
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According to CNN, in Zuckerberg’s words: “I’ve been thinking a lot about our identity as we begin this next chapter. Facebook is one of the most used products in the history of the world,” Zuckerberg said on Thursday. “It is an iconic soc
ial media brand, but increasingly it just doesn’t encompass everything that we do.
“Today we’re seen as a social media company,” he added, “but in our DNA, we are a company that builds technology to connect people. And the metaverse is the next front
ier just like social networking was when we got started.”
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