Facebook changes the company name to Meta

Facebook announced on Thursday that it had changed its name to Meta.

The name change was announced at the Facebook Connect augmented and virtual reality conference. The new name reflects the company’s growing ambitions outside of social media. Facebook, now known as Meta, has adopted a new nickname based on the sci-fi term metaworld to describe its vision of working and playing in the virtual world.

“Today we are considered a social media company, but in our DNA we are a company that creates technologies to unite people, and the metacosm is the next frontier, just like social networks when we started,” said Meta CEO Mark Zuckerberg.

Announcing the new name, the company also announced that from December 1, it will change its exchange from FB to MVRS.

Meta shares closed on Thursday.

David Paul Morris Bloomberg | Getty Images

In July, the company announced the formation of a team that will work on the metaverse. Two months later, the company announced that it would promote Andrew Boz Bosworth, who now heads the company’s hardware department, to the position of Chief Technology Officer in 2022. And in the results of the third quarter on Monday, the company announced that it is splitting Reality Labs, its hardware division, into its own reporting segment, starting in the fourth quarter.

“We hope that over the next decade, the metaworld will reach a billion people, provide hundreds of billions of dollars in digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter Thursday.

Over the past few years, the company has intensified its hardware efforts by introducing a line of Portal video calling devices, releasing Ray-Ban Stories glasses and releasing various versions of Oculus virtual reality headsets. The company noted that augmented and virtual reality will be a key part of its strategy in the coming years.

This week, the company also said it would spend about $ 10 billion over the next year to develop the technology needed to create a metaverse.

Zuckerberg on Thursday demonstrated the company’s ambitions for the metaverse.

The demo was similar to the Pixar animation software the company hopes to create someday. The demo included users who hung in space in the form of cartoon versions of themselves or fantastic characters such as a robot representing their virtual self. Zuckerberg used part of this to accuse other technology companies of stifling innovation with high developer fees.

Zuckerberg said that much of this is still a long way off, and elements of the metauniverse will potentially become major in 5-10 years. The company expects to “invest billions of dollars over the next few years before the metaworld reaches scale,” Zuckerberg added.

“We believe that the metacosm will become the successor to the mobile Internet,” Zuckerberg said.

In addition, Meta has announced a new virtual reality headset called Project Cambria. The device will be a high-end product, available at a higher price than the Quest 2 headset for $ 299, the company said in a blog post. According to Zuckerberg, Project Cambria will be released next year.

Meta also announced the code name of its first smart glasses with full support for AR: Project Nazare. The company said that the glasses “for several more years.” Zuckerberg said that “we still have a way to Nazareth, but we are making good progress.”

The rebranding came amid a lot of news in the last month after Francis Haugen, a former whistleblower, released news agencies, lawmakers and regulators a number of the company’s internal documents.

Reports show that the company is aware of a lot of the damage caused by its programs and services, but either does not fix the problems or tries to solve them. It is expected that more documents will be received daily in the coming weeks.

In an interview with analysts on Monday, Zuckerberg strongly denied allegations and criticism in reports stemming from documents provided by Haugen.

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