Mumbai : Social Media giant Facebook Inc is planning to rebrand itself by changing it’s name. The change will take place next week as per the reports.
Facebook Chief Executive Mark Zuckerberg is planning to talk about the name change in the upcoming company’s annual Connect conference on October 28. But according to reports but it could be unveiled sooner.
In response, Facebook said it does not comment on “rumor or speculation.”
This news is coming when the company is facing a crucial time. The company is facing increasing U.S. government scrutiny over its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.
The rebranding would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the Verge report added.
It’s not uncommon in Silicon Valley firms to change their names as they bid to expand their services. Google established Alphabet Inc as a holding company in 2015 to expand beyond its search and advertising businesses, to oversee various other ventures ranging from self- driving vehicles and health technology to providing internet services in remote areas.
On Oct. 18, 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. Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps.
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