Facebook Changes Name to Meta in Corporate Rebranding

Facebook Inc. is rechristening itself Meta Platforms Inc. decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality.

“The met averse is the next frontier,” Chief Executive Officer Mark Zuckerberg said in a presentation at Facebook’s Connect conference, held virtually on Thursday. “From now on, we’re going to be metaverse-first, not Facebook-first.” 

The name change is the most definitive signal so far of the company’s intention to stake its future on a new computing platform – the metaverse, an idea born in the imaginations of sci-fi novelists. In Meta’s vision, people will congregate and communicate by entering virtual environments, whether they’re talking with colleagues in a boardroom or hanging out with friend’s in far-flung corners of the world.

The new name won’t affect how the company uses or shares data, and the corporate structure isn’t changing. Apps including the flagship social network, Instagram, Messenger and WhatsApp will also keep their monikers.

The company said its stock will start trading under a new ticker, MVRS, on Dec.1.

The erstwhile Facebook is hoping parlay its social-media user base, comprising more than 3 billion people globally, into an audience that will embrace immersive digital experiences through devices powered by augmented and virtual reality software, a business already being aggressively pursued by Meta and its rivals. S-ET

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