The global brand shifted from its focus to the ‘metaverse’
Facebook changes its name. Source:pixabay.com
Facebook is rebranding, according to the official blog post.
Announced by Mark Zuckerberg, the company will change its name to Meta. The change will also demote the brand’s services to being one of its subsidiaries. This means that WhatsApp and Instagram will be Facebook’s subsidiaries.
This comes as the company experienced a data breach from a whistleblower who leaked the company’s internal documents. The leak prompted scrutiny of the harm caused by the company from its platforms.
Effective December 1, Facebook also plans on trading under ‘MVRS’ stock’s sticker.
The rebrand may be part of efforts to improve the company’s reputation following various PR nightmares such as failures in content moderation, misinformation and adverse mental health effects on some users.
The name change was announced during Facebook Connect, a virtual and augmented reality conference. The change aligns with the increased focus on metaverse which combines augmented and virtual reality technologies in a new realm.
We’ve reported that UnionPay keeps expanding its acceptance network in Russia.
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