Facebook is planning to rename the company, The Verge reported citing a source with direct knowledge of the matter. The report comes amid sustained regulatory scrutiny over its business practices.
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Facebook CEO Mark Zuckerberg plans to unveil the new name at the company’s annual connect conference on October 28, the report added.
With the new name, the social media giant seeks to be known for more than social media and the scrutiny associated with it.
Zuckerberg had said previously that Facebook’s future lies in metaverse - an online concept where people exist and communicate in shared virtual spaces.
A few days ago, Facebook announced it will hire 10,000 engineers in the European Union over the next five years to build metaverse.
The renaming may make Facebook one of the apps under the larger banner, which will oversee WhatsApp and Instagram.
