Facebook Reportedly to Rebrand to a Metaverse Powerhouse

Facebook Inc. (FB US) is reportedly planning to rebrand the company with new name that focuses on metaverse next week, according to The Verge.

Mark Zuckerberg, CEO Facebook Inc. is expected to talk about the company name change on October 28 during its annual Connect conference. The rebranding would thus be a transition for the company’s brand image as just a social media company to a next generation technology company. In July Zuckerberg said “in coming years, I expect people will transition seeing us as primarily being a social media company to being a metaverse company; in many ways the metaverse is the ultimate expression of social technology”.

Facebook’s spokesperson declined to comment saying the company does not “comment on rumor or speculation”, according to Bloomberg

The rebranding is expected to be of similar structure as Google’s transition to Alphabet Inc. (GOOGL US). Facebook would be the parent company housing subsidiaries like Instagram, WhatsApp, Oculus and more.

Over the years Facebook gradually built dedicated metaverse team. In more recent development, the company announced promotion of Andrew Bosworth, its chief technology officer to head of AR and VR. Facebook’s also recently announced its plan to hire 10,000 more employees in its metaverse team.

The rebranding also comes as the company in recent days came under serious regulatory pressure after whistleblower France Haugen leaked internal documents putting focus on the company’s questionable business practices. Antitrust regulators in the US and in other parts of the world raising proposals to break up the company.