The company said the new name would better encompass what it does as it expands its reach beyond social media and focuses on areas such as virtual reality (VR). While the name change will not apply to the company’s individual platforms, such as Facebook, WhatsApp, and Instagram, the rebrand has nonetheless prompted backlash.
The move follows several negative stories about Facebook, based on the documents leaked by ex-employee Frances Haugen who accused the company of putting “profits over safety.”
However, Facebook CEO Mark Zuckerberg emphasised that the need for change stemmed from the existing brand not possibly being able to “represent everything that we’re doing today, let alone in the future.” The company plans to develop a “metaverse” — an online world where people can work, game, and communicate with one another in a virtual environment.
"Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we're building towards," Zuckerberg told a virtual conference. "We're now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms. And as part of this, it is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build."
