Key Highlights:
- The Verge reported on October 19th that social media behemoth Facebook Inc is going to rebrand itself with a new name.
- The rebranding would also reflect Facebook’s focus on developing the so-called metaverse.
- Facebook announced intentions to generate 10,000 jobs in the European Union over the following five years to assist in the development of this metaverse.
Facebook rebranding
The Verge reported on October 19th that social media behemoth Facebook Inc is going to rebrand itself with a new name next week, citing a source with firsthand knowledge of the subject.
Facebook CEO Mark Zuckerberg expects to discuss the name change at the company’s annual Connect conference on Oct. 28, although it might be announced sooner.
Facebook said that it did not comment on “rumor or speculation.”
The announcement comes at a time when the firm is under increased investigation by the US government for its business practices.
Lawmakers from both parties have slammed the corporation, highlighting Congress’s growing disdain for Facebook.
Following Google’s footsteps
The rebranding would position Facebook’s social networking app as one of several products overseen by a parent firm that would also manage groups such as Instagram, WhatsApp, Oculus, and others.
It’s fairly unusual for firms in Silicon Valley to alter their names in order to extend their offerings.
In 2015, Google formed Alphabet Inc as a holding company to handle a variety of different enterprises ranging from its autonomous car unit and health technologies to delivering internet services in distant regions.
The rebranding would also reflect Facebook’s focus on developing the so-called metaverse, an online world where individuals can utilize various gadgets to travel and interact in a virtual environment.
Facebook has made significant investments in virtual reality (VR) and augmented reality (AR), with the goal of connecting its almost three billion users via a variety of devices and apps.
New ‘Horizons’
On October 19th, it announced intentions to generate 10,000 jobs in the European Union over the following five years to assist in the development of this metaverse.
Since July, Zuckerberg has been promoting the term “metaverse,” which was conceived in a dystopian novel three decades ago and has been used by other internet companies such as Microsoft.
According to Verge, a possible name for the firm might be anything related to Horizon. Facebook just changed its in-development VR game platform, previously known as ‘Horizon,’ to ‘Horizon Worlds.’
Also Read: Amazon CEO announces 55,000 tech jobs in first hiring push
