Facebook Inc (NASDAQ:FB) has changed its corporate name to Meta in an effort to rebrand the company.

Applications and services that it owns, such as Instagram, Whatsapp, and Messenger will keep their existing names. The rebrand signifies another step in the direction towards the creation of its ‘metaverse’.

It mirrors the Google’s big-tech restructuring in 2015 that saw the search engine and ad company placed beneath the Alphabet holding company alongside its other interests.

The ‘metaverse’ is described as a virtual-reality space in which users can interact with a computer-generated environment and other users.

After waxing lyrical about the idea in July earlier this, Facebook made its first concrete steps when it confirmed a US$50mln investment in non-profit organisations to ensure metaverse technologies are “built in a way that’s inclusive and empowering”

Earlier in October, it was also announced that Facebook would be employing 10,000 skilled EU workers to aide in its creation.

READ: Facebook to employ 10,000 EU workers to help build ‘metaverse’

Mark Zuckerberg, the creator of Facebook said, “From now on, we’re going to be the metaverse first, not Facebook first.”

He added that the current brand could not “possibly represent everything that we’re doing today, let alone in the future.”

“We’re now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms.”

Commentators have speculated that the switch is an attempt to distance itself from some the major allegations it has faced over the last few months.

Whistleblower Frances Haugen made claims against the company, accusing it of prioritising “profits over safety.”

Facebook hopes to start trading its shares under the new stock ticker MVRS from 1 December.

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