Facebook changes company name to ‘Meta’
So, Facebook recently announced a big change. Or at least, that is what they are trying to say. Mark Zuckerberg recently changed the name of Facebook, the parent company that owns WhatsApp, Instagram, and Facebook, among others, to ‘Meta’. However, this Facebook name change is not something out of a whim. In fact, it is a result of the incredible pressure that Zuckerberg and the formerly Facebook are going through.
Mark Zuckerberg changes Facebook’s name to ‘Meta’, while also redirecting the company to a different future
Mark Zuckerberg announced the Facebook name-change at the Facebook Connect augmented and virtual reality conference. And with this name change, it looks like Zuckerberg wants to take the company beyond social media. And it is more concerned with the virtual world and the inter-connectivity of people. The company, now known as meta, has a new moniker as well – the ‘metaverse’. Zuckerberg, the CEO of metaverse, said:
Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started.
Moreover, Zuckerberg is moving fast with the name change. He announced that their stock ticker will also change from FB to MVRS from December 1. The company had been planning for this change since July. And now with this rebranding, Meta will focus a lot on its hardware division and infrastructure and joining it with its networking process. Zuckerberg said in a letter:
Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.
What kind of a future does Mark Zuckerberg has in mind?
This change is in line with Facebook’s focus on hardware in the past. This includes Portal video-calling devices, Ray-Ban Stories glasses and Oculus virtual-reality headsets. And judging Meta by their vision, it looks like virtual reality will be a key part of their strategy. Thus, to bring this metaverse to life, the company will spend around $10 billion over the next year.
Zuckerberg also demonstrated his vision of the metaverse in the conference. He did so by showing an animation of software which the company wants to build, demoing users hanging out in space as cartoon versions of themselves. It felt a lot like the OASIS in Ready Player One. However, this future is a long way off and it’ll take five to ten years for this metaverse to exist one day. He wants this to succeed the mobile internet. With this in mind, the Facebook name change makes a lot of sense.
Times are tough for Facebook
However, innovation is not the only incentive for Mark Zuckerberg to change Facebook’s name. This re-branding comes after reports of Frances Haugen, a whistleblower from within Facebook, release internal documents of Facebook to the world. It clearly shows that Zuckerberg and the company is well aware of the harm that they’re doing to society and is struggling to address them. This all is coming at a time when the Senate of the United States is already grilling Facebook and Mark Zuckerberg for anti-trust practices and their negative role in the US elections.