Founder of Facebook, Mark Zuckerberg announced on Thursday that Facebook will change its corporate name to Meta.
With the announcement Facebook’s namesake service will now be just one of the company’s subsidiaries, alongside Instagram and WhatsApp, rather than the overarching brand.
The company formerly known as Facebook also said in a press release that it plans to begin trading under the stock ticker “MVRS” on December 1.
A rebranding could be part of an effort to overhaul Facebook’s reputation and turn the page following a series of PR nightmares, including misinformation on its platforms, content moderation failures and revelations about the negative effect its products have on some users’ mental health, CNN reports.
The name change, which was announced by Zuckerberg during the company’s virtual reality and augmented reality conference Facebook Connect, aligns with its growing focus on the metaverse, which refers to efforts to combine virtual and augmented reality technologies in a new online realm.