Facebook CEO Mark Zuckerberg said Thursday at the company’s Connect event that the company’s new name will be Meta.
The announcement was made by Mark Zuckerberg. Facebook CEO Mark Zuckerberg stated, “We are a company that produces technology to connect.” I believe that by working together, we can finally place humans at the core of our technology. And, by working together, we can unleash a substantially expanded creator economy.
“In order to reflect who we are and what we aspire to accomplish,” he continued. He claims that the name Facebook does not fully encompass everything that the company does now and that it is still primarily associated with a single product, Facebook. “However, I hope that over time, we will be recognised as a metaverse company.”
This is part of the company’s efforts to shift gears away from being known solely as a social networking platform and toward focusing on Zuckerberg’s plans for constructing the metaverse, which was initially reported by The Verge on October 19th. In July, he told The Verge that Facebook would “essentially move from people viewing us as primarily being a social media company to people viewing us as primarily being a metaverse company” over the next several years.
In a blog post published on Thursday, Zuckerberg stated that the company’s corporate structure will not change, but that the way in which financial results are reported would. ‘Beginning with our results for the fourth quarter of 2021, we intend to report on two operating segments: Family of Apps and Reality Labs,’ he added. “We also expect to begin trading on December 1 under the new stock ticker MVRS, which we have reserved for the company.” The announcement made today will have no impact on how we use or exchange data.”
Facebook has been the subject of intense scrutiny over the past several weeks, following revelations based on damning internal documents provided to the Wall Street Journal by whistleblower Frances Haugen. The documents revealed, among other things, that Facebook’s Instagram platform had become a toxic environment for teenagers, particularly young female teens. In addition, antitrust regulators are pressing for the firm to be broken up, as public confidence in the social media platform is eroding rapidly.