Facebook chief Mark Zuckerberg on Thursday announced the parent company’s name is being changed to “Meta” to represent a future beyond just its troubled social network.
“We’ve learned a lot from struggling with social issues and living under closed platforms, and now it is time to take everything that we’ve learned and help build the next chapter,” Zuckerberg said during an annual developers conference.
“Our apps and their brands, they are not changing,” he added.
Facebook is planning to rebrand itself as a company that focuses on metaverse. Facebook Chief Executive Officer Mark Zuckerberg defined metaverse as “a digital world where people can move between different devices and communicate in a virtual environment”.
The move will put Instagram, WhatsApp, Oculus, LiveRail, Threadsy and the Facebook app, under a parent company.
In the past, Google adopted a similar structure in 2015 when it put all its products under a parent holding company, Alphabet.
According to reports, the company has heavily invested in Virtual Reality (VR) and Augmented Reality (AR) since July. The company is developing hardware such as Oculus VR headsets and working on AR glasses and wristband technologies.
Earlier this month, Facebook-owned applications, Instagram and WhatsApp suffered a six-hour-long outage globally.
Fortune’s billionaire tracking website said Zuckerberg’s personal fortune dropped by nearly $6 billion to just under $117 billion, as soon as the news of outage spread.
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