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Facebook plans to change its corporate name

2021-10-20 15:27 by
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Facebook is planning to rebrand itself with a new name focused on the metaverse, the Verge reported on Tuesday, as the tech giant comes under fire from regulators around the world over its business practices. Facebook is expected to change its company name before the end of October. Zuckerberg is planning to discuss the name change on Oct. 28 at the Connect 2021 conference, but the official announcement could happen before then.

It's unclear how long Facebook has been planning on changing its name, but it's almost certainly hoping it'll serve as a distraction from the investigations it's facing and the recent flood of bad press. Former executive-turned-whisleblower Frances Haugen provided the Congress and the Securities and Exchange Commission with a treasure trove of internal documents, dropped several revelations about the company and accused it of choosing "profit over safety" - something Zuckerberg adamantly denied.

Zuckerberg's interest in a metaverse started in 2012 when he recognized that the world was embracing applications with acquisitions like WhatsApp and Instagram. The company bought hardware maker Oculus Rift, founded by John Carmack, who created iD Software (Doom, Wolfenstein, and Quake) in 2014 to break into the VR industry.

"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," Zuckerberg said around the time of the $2 billion acquisition. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."

Such a corporate rebranding has happened before the tech space. Most notably, in 2015, Google adopted Alphabet as the name of the parent holding company. Similarly, Facebook's new corporate name would encompass its individual apps and business units, including Facebook, Instagram, WhatsApp and Oculus.

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