Facebook is no longer Facebook. It is getting a new name — Meta. The Facebook CEO Mark Zuckerberg announced the same at the company’s Connect event held. The company is rebranding itself as Meta. The rebrand comes as the world’s largest social media company battles criticisms from lawmakers and regulators over its market power, algorithmic decisions and the policing of abuses on its platforms.
Why the new name for Facebook?
“Facebook just doesn’t encompass everything the company does any more. In addition to its primary social network, that now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform and more,” said CEO Zuckerberg. “Today we are seen as a social media company,” Zuckerberg said. “But in our DNA we are a company that builds technology to connect people.” He said that the way smartphones have replaced desktop computers, metaverse will be the next way people interact with computers and each other.
Why the choice for Meta as the new name?
Metaverse, Zuckerberg said, is the new way. The Facebook CEO, who is a fan of classics, said that the word “meta” comes from the Greek word “beyond”.
What is literal meaning of Metaverse?
The term Metaverse is claimed to have been first coined in a dystopian novel three decades ago. It refers broadly to the idea of a shared virtual environment which can be accessed by people using different devices.
Will the Facebook’s corporate structure too change?
No, Facebook the app, along with Instagram, WhatsApp and Messenger will continue to stay the way they are, as per the company. The company’s corporate structure too won’t change. Facebook also said that its hardware division Facebook Reality Labs will become a separate reporting unit. The unit responsible for AR and VR efforts of the company will now be called Reality Labs.
Is Facebook also changing its logo?
Yes, the company has unveiled a new sign at its headquarters in Menlo Park, California, replacing its thumbs-up “Like” logo with a blue infinity shape. It said in a blog post that it intends to start trading under the new stock ticker it has reserved, MVRS, from December 1.
What Zuckerberg said on Facebook Papers?
CEO Zuckerberg has termed Facebook papers as unfair criticism.
Facebook hiring plans for Metaverse?
Recently, Facebook created a product team focused on the Metaverse. The company announced its plans to hire 10,000 employees over the next five years to work on the effort.