Facebook will change and rebrand with new name, says The Verge

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The Verge reported on Tuesday that Facebook Inc., which has been under fire from regulators and lawmakers for its business practices, plans to rename itself with a new name that focuses on the metaverse.

The name change will be announced next week, according to The Verge, citing a source with firsthand knowledge of the situation.

According to the source, the move would likely present the flagship app as one of several products under a parent business that oversees brands such as Instagram and WhatsApp. When Google (GOOGL.O) reorganized into a holding company called Alphabet in 2015, it adopted a similar structure.

According to Facebook, company does not comment on “rumor or speculation.”

Since July, Facebook CEO Mark Zuckerberg has been touting the metaverse, a digital world in which people can move between devices and communicate in a virtual environment, and the company has invested heavily in virtual and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.

The buzzword, which was first used in a dystopian novel three decades ago, is popular in Silicon Valley and has been used by other tech companies such as Microsoft. Roblox (RBLX.N), a popular children’s game, presents itself as a metaverse firm. Fortnite from Epic Games is also believed to be a component of the metaverse.

According to the Verge, Zuckerberg plans to discuss the name change during the company’s annual Connect conference on Oct. 28, although it might be revealed sooner.

The move would come at a time when Facebook is facing intense scrutiny from worldwide politicians and regulators over its content moderation procedures and the damages associated with its platforms, with internal documents revealed by a whistleblower serving as the basis for a U.S. Senate hearing last week.

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