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Facebook now named to “Meta” for its corporate branding

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Facebook’s new name was revealed by CEO Mark Zuckerberg during the company’s connect event on Thursday, October 29, 2021. Meta will be the new name for Facebook.

“We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy,”

Zuckerberg stated.

As it battles a deepening public relations crisis and increasing regulatory scrutiny, Facebook is changing its name to Meta. This reflects the company’s push to build an avatar-filled virtual world known as the metaverse.

On Thursday, Mark Zuckerberg, CEO of Facebook, said the company’s annual virtual and augmented reality conference, Facebook Connect, was “an iconic social media brand, but increasingly, it just doesn’t capture everything that we do.”

He further said that “from now on, we’re going to be metaverse first, not Facebook first,” demoting the social media network he established in 2004 to second place.

While the company’s name is changing to Meta, the existing individual platforms and brands — Facebook, WhatsApp, Messenger, Instagram, and Oculus — will remain same, according to Zuckerberg.

As it competes with Silicon Valley rivals such as Apple and Google to construct the next-generation computer platform, Facebook has upped its investment in augmented and virtual reality. In July, Zuckerberg originally detailed his futuristic idea of creating a metaverse, which can be accessed via many devices and allows people to purchase, game, and socialize in a shared virtual world.

In a blog post, the company stated that it will begin trading under the ticker MVRS on December 1, despite the fact that its organizational structure and data sharing methods would remain same. It would separate its results for Reality Labs, its AR and VR branch, from the rest of its social media company, which it refers to as its “Family of Apps” beginning in the fourth quarter.

Facebook is under fire after former employee Frances Haugen accused the company of fostering polarization and constantly prioritizing profits over user safety.

The Financial Times and other news sources got redacted versions of hundreds of documents she supplied to US regulators and Congress, which provide insight into the company’s inner workings.

“become subject to government investigations and requests relating to a former employee’s allegations and the release of internal company documents concerning, among other things, our algorithms, advertising and user metrics, and content enforcement practices, as well as misinformation and other undesirable activity on our platform, and user wellbeing,”

In a regulatory filing on Tuesday, Facebook stated.

According to the Wall Street Journal, the Federal Trade Commission has begun investigating internal Facebook research, specifically whether its platforms exacerbated teen mental health problems, to determine whether the company violated a $5 billion settlement reached with the agency in 2019 over privacy concerns.