Facebook is changing its company name as it switches to “metaverse” and is undergoing a comprehensive analysis of real-world damage from its various forums after a whistle blower leaked hundreds of internal documents. Founder Mark Zuckerberg said on Thursday Facebook would change its business name to Meta, successfully deploying Facebook’s namesake service to one of the company’s subsidiaries, alongside Instagram and WhatsApp, instead of a major product.
The company, formerly known as Facebook, also said in a media statement that it plans to start trading under the “MVRS” stock label on December 1. Renaming may be part of Facebook’s efforts to tarnish the image and turn the page following a series of PR nightmares, including inaccurate information on its foundations, content moderation failures, and revelations about its products’ negative impact on the mental health of other users.
The change of name, announced by Zuckerberg during the reality conference and Augmented reality company Facebook Connect, is accompanied by its growing focus on metaverse, which refers to efforts to integrate taxpayers’ real technology we see in the new online environment.
“I’ve been thinking a lot about ourselves as we begin this next chapter. “It’s a social networking site, but it doesn’t cover everything we do. Facebook is one of the most used apps in world history,” Zuckerberg said and he has announced a new name as he launches plans to build a “metaverse.” People can play, work, and communicate in an online world in a virtual environment, often using VR headphones. He said the current model “could not stand for everything we do today, let alone for the future” and needed to change.
Many large companies have changed their established brands over the years. Kentucky Fried Chicken abbreviated its name to KFC. Some high-profile changes have followed the scandal or controversy. Philip Morris, a maker of Marlboro, changed its name to Altria, for example, and ValuJet became AirTran after one of its aircraft crashed in 1996. the Japanese Datsun model Nissan.
Some name changes are intended to reflect the broader interests of the company. Snapchat was redesigned as Snap-in 2016 to reflect its hardware penetration, and Google reorganized the company with a new name, Alphabet, and plans to expand the various business divisions.
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