Facebook is reportedly changing its name because it wants to be known for its 'metaverse' focus
- Facebook is planning to rebrand the company with a new name, The Verge reported Tuesday.
- The name change aims to recast Facebook as focused on building a "metaverse."
- Facebook could unveil the new name within the week, according to The Verge.
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Facebook is planning to change the name of the company next week, The Verge reported Tuesday evening.
The new name will aim to recast Facebook's focus on building the "metaverse" rather than as social media company by rebranding its main app as one of many under a parent company, according to The Verge.
CEO Mark Zuckerberg will discuss the name change at Facebook's annual Connect conference on October 28, but the company could announce the name before then, The Verge reported.
Facebook did not respond to a request for comment on this story.
Facebook said Monday that it wants to hire 10,000 people across Europe to help build the company's metaverse - a reference to a theoretical virtual world that has increasingly captured the attention of Zuckerberg and other tech executives.
Facebook's proposed name change also comes at a time when it is facing another round of scrutiny over a range of scandals related to its social media platforms, including a series of documents leaked by a whistleblower to Congress, the Securities and Exchange Commission, and media outlets.
The company's first metaverse product, Horizon Workrooms, launched in August.
Using the Oculus Quest 2, Facebook's virtual reality headset, users can create avatars that would access their work laptop and interact with colleagues in a virtual "metaverse." The technology also allows for socialising with coworkers, real-world experiences which Facebook said cannot be replicated with current remote work tech.
Zuckerberg has described the metaverse as "the next generation of the internet".
The supposed new name is reportedly a closely-guarded secret, with not even senior managers let in on it, but may involve a reference to Horizon.
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