Facebook changes name to Meta as it refocuses on virtual reality
Facebook Inc
is now called Meta, the company said on Thursday, in a rebrand that focuses on
its ambitions building the "metaverse," a shared virtual environment
that it bets will be the next big computing platform.
The name change comes as the world's largest social media company
battles criticisms from lawmakers and regulators over its market power,
algorithmic decisions and the policing of abuses on its platforms.
CEO Mark Zuckerberg, speaking at the company's live-streamed
virtual and augmented reality conference, said the new name reflected its
ambitions to build the metaverse, rather than its namesake social media
service.
The metaverse, a term first coined in a dystopian novel three
decades ago and now attracting buzz in Silicon Valley, refers broadly to the idea
of a shared virtual environment which can be accessed by people using different
devices.
"Right now, our brand is so tightly linked to one product
that it can't possibly represent everything that we're doing today, let alone
in the future," said Zuckerberg.
The company, which has invested heavily in augmented and virtual
reality, said the change would bring together its different apps and
technologies under one new brand. It said it would not change its corporate
structure.
The tech giant, which reports about 2.9 billion monthly users, has
faced increasing scrutiny in recent years from global lawmakers and regulators.
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