Facebook in Major Rebranding Changes Name to Meta
Rebranding from Facebook to Meta reflects the social giant's transition to next-generation social technology company
In a major revamp Mark Zuckerberg announced Facebook rebranding to Meta during its annual Facebook Connect augmented reality and virtual reality conference.
The name change reflects the company’s transition to more than just a social media company to next generation technology company encompassing areas like virtual reality (VR).
“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,” Zuckerberg said.
He said the existing brand could not “possibly represent everything that we’re doing today, let alone in the future”, and needed to change.
The company’s announced its ticker will change from FB to MVRS effective December 1.
Over the next year, the company would spend about $10 billion to develop technologies required for the metaverse ecosystem. A new line of hardware including portal-video calling devices, Ray-Ban Stories glass and various versions of Oculus virtual reality headsets surfaced during the conference.