Today, Facebook CEO, Mark Zuckerberg announced that Facebook’s new company name will be, Meta. The new name was announced today at the Facebook Connect conference.
Zuckerberg claims the former name, Facebook, only focused on one product that the company created and the name change would help reflect their shift to focusing on the metaverse. Facebook doesn’t want to be known as just being a social media company since they’re focusing on things like Virtual Reality and Augmented Reality.
Zuckerberg also said that the company’s leadership won’t be changing but it will change how it reports financial results in earning calls and more. Facebook will now report on two segments which include Family Apps and Reality Labs. They also plan to start trading under a new stock ticker called MVRS.
This name change is very similar to how Google changed their name to Alphablet back in 2015. The new name change will put Facebook, Instagram, WhatsApp, and Oculus under the Meta name.
The rebranding comes a couple of weeks after a Facebook whistle blower leaked all of the company’s internal documents and research notes. Facebook has been receiving a lot of backlash lately and rebranding the company during this time felt more like a PR stunt to drift away from the bad press.
Mark Zuckerberg believes the name change was important because they are more than just a social media company.
