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Friday, October 29, 2021

Facebook's name changed to 'Meta', announces CEO Mark Zuckerberg

The social media platform Facebook has changed its name. On Thursday, Facebook has announced to change the name of the company to 'Meta'. For the last few days, there was a lot of speculation about changing the name of Facebook. After which today the company's founder and CEO Mark Zuckerberg has announced the new name.

It's time to adopt a new company brand that encompasses everything we do, Mark Zuckerberg said at the company's Connect Virtual Reality conference. Zuckerberg said that now we are going to be the metaverse, not Facebook.

Let us tell you that Facebook founder Mark Zuckerberg said in an earnings call in July that the future of the company lies in the 'metaverse'. What Facebook is targeting is an Alphabet Inc.-like holding company -- which, under a single conglomerate, includes the likes of Instagram, WhatsApp, Oculus and Messenger. One of the many social networking apps.

On October 18, Facebook said it was planning to hire 10,000 people in the European Union over the next five years to help build the Metaverse. The metaverse is a new online world where people exist and communicate in a shared virtual space. Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users across multiple devices and apps.