Facebook Changes Corporate Identity to Meta

Emma Okonjit

Facebook, a social media platform has changed its corporate identity to Meta.
It stated that the name change, which was announced at the Facebook Connect augmented and virtual reality conference yesterday, reflected the company’s growing ambitions beyond social media with the metaverse, a classic sci-fi term Facebook has adopted to describe its vision for working and playing in a virtual world.

According to the social media platform, the change does not apply to its individual platforms, such as Facebook, Instagram and Whatsapp, but applies only the parent company that owns them, which is Facebook.
The move follows a series of negative stories about Facebook, based on documents leaked by an ex-employee.
According to the Founder, Mark Zuckerberg,

“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started. The company will also change its stock ticker from FB to MVRS, effective Dec. 1, the company said in the announcement of its name change, Zuckerberg said.

In July, Facebook announced the formation of a team that would work on the metaverse. Two months later, the company said it would elevate Andrew “Boz” Bosworth, who is currently the Head of Facebook’s hardware division, to the role of Chief Technology Officer in 2022.

In its third-quarter earnings results on Monday, the company announced that it break out Facebook Reality Labs, its hardware division into its own reporting segment, starting in the fourth quarter.
“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter yesterday.