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Facebook gets renamed as “Meta”, emphasising on Metaverse vision

Facebook CEO Mark Zuckerberg said that the firm is renaming as Meta to better reflect its virtual-reality vision for the future, which he refers to as the "metaverse." Statistics point out that it looks to be an attempt to divert attention away from the Facebook Papers, a leaked document trove named as such by a group of news companies including The Associated Press. Many of these records have revealed how Facebook ignored or downplayed internal warnings about the negative and frequently harmful repercussions their social network algorithms caused or exacerbated around the world, as first documented by former Facebook employee turned whistleblower Frances Haugen.

According to Mr. Zuckerberg, the metaverse will reach a billion individuals within the next decade. He claims that the metaverse will be a place where people can communicate, collaborate, and create products and content in what he thinks will be a new ecosystem that will provide "millions" of jobs for creators. The announcement comes as Facebook faces an existential crisis. Following the revelations in the Facebook Papers, it is under increased legislative and regulatory scrutiny in many parts of the world.

Mr. Zuckerberg explained the rebranding by saying that the name "Facebook" no longer encompasses "everything we do." This now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform, and more, in addition to its flagship social network. “Today we are seen as a social media company,” Mr. Zuckerberg said. “But in our DNA we are a company that builds technology to connect people.” The name of the Facebook social network will not change.

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