Facebook seeks to rebrand to reflect metaverse focus | Economic Times

Mumbai: Facebook is planning to change its company name next week to reflect its focus on building the metaverse, The Verge reported, citing a source with direct knowledge of the matter.The name change, which CEO Mark Zuckerberg plans to talk about at the company’s annual Connect conference on Oct. 28 but could unveil sooner, is meant to signal the tech giant’s ambition to be known for more than social media.Facebook's future lies in 'metaverse', Zuckerberg had said after an earnings call in July.What Facebook is aiming for is an Alphabet Inc.-like holding company — the eponymous social network as one of the many group apps like Instagram, WhatsApp, Oculus and Messenger under an umbrella organisation.Also Read: Facebook sees creator economy a step towards metaverseThe development comes days after Facebook said it plans to hire 10,000 people in the European Union over the next five years to help build metaverse — a nascent online world where people exist and communicate in shared virtual spaces. The company also plans to invest $50 million to partner with organisations to responsibly build the virtual world.Also Read: What is the metaverse and why is everyone talking about it?