Purpose: Facebook changes the name of the company

Founder Mark Zuckerberg said Thursday that Facebook will change its corporate name to Meta, effectively lowering the status of Facebook’s eponymous service to the point that it will be just one of the company’s subsidiaries, along with Instagram and WhatsApp, rather than a comprehensive brand.
The company, formerly known as Facebook, also said in a press release that it plans to start trading under the stock ticker “MVRS” on December 1.

The rebranding may be part of an attempt to change Facebook’s reputation and turn the page after a series of PR nightmares, including misinformation on its platforms, content moderation errors and the discovery of the negative impact of its products on the mental health of some users.

The name change, which Zuckerberg announced at Facebook Connect’s virtual and augmented reality conference, is in line with its growing focus on the metacosm in its efforts to integrate virtual and augmented reality technologies into the new online realm.

“I’ve been thinking a lot about our identity when we start the next chapter. Facebook is one of the most used products in the history of the world,” Zuckerberg said Thursday. “It’s a cult brand of social media, but more and more often it just doesn’t cover everything we do.

“Today we are perceived as a social media company,” he added, “but in our DNA we are a company that creates technologies to bring people together. And the metaworld is the next frontier, as are social networks when we started. ”

Zuckerberg, who said he loved studying classics at school, said the name was coined by the Greek word meta, meaning “outside.” “For me, it symbolizes that there is always something to build.”

The company has also replaced its “thumb up” logo outside its California headquarters with one that advertises its new logo: the blue infinity sign.

On Thursday, Facebook did not announce any changes in the leadership. But on Zuckerberg’s personal Facebook page, his position was changed to “Founder and CEO of Meta.”
Asked by The Verge if he would remain CEO of Facebook for the next 5 years, he replied: “Probably. I don’t have a specific date for how long I want to do this. I think I could say that I’m very excited about the next section of what we do. “

Zuckerberg launched a major product event by stimulating a series of new social, gaming, and work concepts for the metaverse – and recognizing the optics of focusing on such products amid renewed control over the company.

“I know some people will say that now is not the time to focus on the future, and I want to acknowledge that there are important issues today that need to be worked on. They always will be,” Zuckerberg said. “So for a lot of people, I’m just not sure there will ever be a good time to focus on the future. But I also know that there are many of you who feel the same way I do. ”

“We live for what we build,” Zuckerberg added. “And while we make mistakes, we continue to learn, build and move forward.”

Facebook showed a series of concept videos that highlighted their vision of the metaverse, such as sending a holographic image of themselves to a concert with a friend they visit in real life, sitting at virtual tables for meetings with distant colleagues or playing exciting games with friends. Facebook recently announced that it would hire 10,000 people in Europe to develop the concept.

Zuckerberg has also announced that calls to Messenger are coming to virtual reality, plans to create a virtual marketplace where developers can sell virtual goods, and a new home screen in Oculus Quest to make chats and games in the virtual world more social.

“Your devices will no longer be the center of your attention,” he said. “We’re starting to see how many of these technologies will come together in the next five or 10 years. Many of them will become mainstream, and many of us will create worlds that are as detailed and compelling as inhabiting them. this one, every day. ”

Over the years, a number of large companies have changed established brands. Kentucky Fried Chicken shortened its name to KFC, the Japanese car brand Datsun became Nissan. Some high-profile name changes have taken place after scandals or disputes. Philip Morris, the manufacturer of Marlboro, changed the name to Altria, for example, and ValuJet became AirTran after one of its planes crashed in 1996.

Other name changes should reflect the company’s broader ambitions. In 2016, Snapchat changed the brand to Snap to reflect its foray into hardware, and Google restructured the company under a new name, Alphabet, and plans to develop a variety of business units.

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