Facebook Officially Changes Its Name to Meta
The name is meant to reflect the company's newest Metaverse project.
Well that was … somewhat predictable?
Facebook, which announced earlier this week that it was looking into changing the name of the company in an attempt to reflect on its building of the metaverse, has officially changed its name to Meta.
CEO Mark Zuckerberg announced the news late Thursday afternoon.
"Today we're introducing Meta, which brings together our apps and technologies under a new company brand," the company said via Twitter, one of the social media platforms that the company does not in fact own or operate.
Today we're introducing Meta, which brings together our apps and technologies under a new company brand. Learn more about how we're helping build the metaverse and other news from Connect. https://t.co/6s3GKjWq4S— Facebook Newsroom (@fbnewsroom) October 28, 2021
"The metaverse will feel like a hybrid of today's online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can't be together — and do things together you couldn't do in the physical world," Meta said in a statement. "It's the next evolution in a long line of social technologies, and it's ushering in a new chapter for our company."
Zuckerberg called the induction of the metaverse "the next chapter for the internet," an initiative that comes at the heels of harsh criticism from law and policymakers and consumers against the company and its regulatory practices.
The company added that though the announcement of Meta will not change the company's corporate structure, starting with Q4 of 2021, it will report financials for two separate entities — Family of Apps and Reality Labs.
Facebook will also begin trading under MVRS (it is currently trading as FB) beginning on December 1, 2021.
"When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world," the company said. "Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology."
Facebook, Inc. was up around 3.80% late Thursday afternoon.
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