Facebook Inc (NASDAQ: FB) plans to change its name, the announcement would be expected on October 28th, reported mardi The Verge.
What happened
The new name of the company would emphasize the development of the “metaverse”, revealed the sources of the American media.
Mark Zuckerberg, the boss of the digital giant, is expected to speak on the social network’s name change at the Connect conference on October 28, but the name could be released sooner
This name change would likely position the app as one of many products for a parent company, which would also oversee Instagram, WhatsApp and Oculus, adds the report. Facebook declined to comment.
Alex Heath, reporter for The Verge, noted that the new brand name is a “closely guarded secret” that even top executives don’t know.
“Among the hypotheses are Horizon and the still-unreleased VR version of Facebook-meets-Roblox, which the company has been working on for a few years, ”Heath wrote.
Why this matters
A rebranding would serve to decouple Facebook’s futuristic plans from the scrutiny that the company’s social media is currently undergoing, the Verge adds.
In July, Zuckerberg told employees that the company concentrate more on the expansion of the “metaverse”, a term which designates digital spaces, made more realistic by the use of virtual reality or augmented reality.
This week, Facebook revealed that it plans to create 10,000 jobs focused on the “metaverse” in the European Union.
Price movement
On Tuesday, Facebook’s share price rose almost 1.4% to $ 339.99.
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