Amid crisis, Facebook changes name to Meta
Facebook CEO Mark Zuckerberg announced that the social media giant will change the name of its parent company to Meta, but the social network itself will still be called Facebook.
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| Facebook boss announced to change company name to Meta. Photo: AP |
According to Reuters news agency, this name change comes in the context of the world's largest social media network company facing criticism from lawmakers and regulators about market power, algorithm decisions and abuse issues on its services.
The rebranding does not apply to individual platforms like Facebook, Instagram and Whatsapp, but only to the parent company that owns the apps. The corporate structure is also unchanged. However, from December 1, the company's shares will start trading under the new ticker symbol MVRS.
Facebook bossMark Zuckerberg said the new name reflects the company's investment in Metaverse rather than the social networking service of the same name. Mark Zuckerberg described Metaverse as a virtual environment you can enter instead of just looking at a screen. People can meet, work and play in a virtual world through virtual reality headsets, virtual reality glasses and smartphone apps or other devices.
Metaverse is a term coined in the novel “Snow Crash” three decades ago and now gaining traction in Silicon Valley. It refers to the idea of a virtual realm that can be accessed by people using different devices.
Zuckerberg expressed hope that the Metaverse will reach a billion people in the next decade and that the new technology will create millions of jobs for creators.
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