Facebook Inc. has finally changed its name. At least for the name of the company that houses the social media Facebook, WhatsApp, Instagram, and their friends.

Facebook CEO Mark Zuckerberg made this announcement on Thursday (10/28/2021). The parent company of these social media has now changed its name to Meta.

According to Zuckerberg, the name change was made to reflect the big goals the company is building. Recently, Facebook has been actively using the term "Metaverse", which combines the real world with the virtual.

"To reflect who we are and what we build. Over time, I hope we are seen as a Metaverse company," said Zuckerberg.

 

 

 

 

 

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Zuckerberg targets that Metaverse will reach one billion people within the next decade, post hundreds of billions of dollars in digital commerce, and support work for millions of creators and developers. The boss of the social media platform is targeting 10,000 people to work in the European Union to build the "Metaverse".

Unfortunately, this parent company name change is not applicable and affects social media product names under Meta. The Facebook name will still be used for these social networks, including Instagram and WhatsApp.

"Right now, our brand is so closely tied to one product that it's impossible to represent everything we do today, let alone in the future," Zuckerberg said.

It is also certain that this change will not change the management structure. Zuckerberg still maintains the old system, so this change is just a name.

Previously, Google had also changed its name some time ago. Google restructured by establishing Alphabet as a higher-ranking company and becoming the parent of Google and other large companies.

This name change also affects the names listed on the stock exchange. The name of the stock, which was initially coded as FB, has now changed to MVRS on December 1.

"We also intend to start trading under our new stock ticker, MVRS, on December 1. Today's announcement does not affect how we use or share data," the company said in a statement.

 

 

 

 

 

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Facebook made changes when its social media products were under pressure due to a report by whistleblower Frances Haugen which revealed that Facebook has always chosen financially profitable steps over the safety of its users. Also, recently, Facebook, Instagram, and WhatsApp were down for a few hours, which made many people realize how much this company has monopolized the lives of millions of people. Zuckerberg said what his former employee disclosed was just a misrepresentation of his company.

The CEO has said Facebook will be seen not as a social media firm but as a company focused on the Metaverse in the coming years. The buzzy term refers broadly to a shared virtual environment that people can access using different devices.

This year, Facebook, which has invested heavily in virtual reality (VR) and augmented reality (AR), including buying companies like Oculus, created a product team to work on the Metaverse.

"This is not an investment that is going to be profitable for us any time shortly," Zuckerberg told analysts. "But we basically believe that the metaverse is going to be the successor to the mobile internet."

Shares of the company were up about 1% in after-hours trade on Monday. Facebook, whose shares have gained about 20% so far this year, is about $85 billion away from regaining a spot on the $1 trillion clubs and joining new entrant Tesla Inc.

The world's largest social media network is under scrutiny from global lawmakers and regulators, including the Federal Trade Commission, which has filed an antitrust lawsuit alleging anticompetitive practices.

The whistleblower documents, first reported by the Wall Street Journal, have intensified scrutiny of the company. They include internal research and reports about Instagram's effects on teens' mental health and whether Facebook's platforms stoke divisions, its handling of activity around the January 6 Capitol riot, and inconsistencies in the company's content moderation for users around the globe.

Facebook reported monthly active users of 2.91 billion for the third quarter, up 6% from a year ago but short of analysts' estimates.

On the call, executives emphasized the company's focus on attracting young adults, including through its short video feature "Reels."

"We are retooling our teams to make serving young adults their North Star rather than optimizing for the larger number of older people," said Zuckerberg, a shift he said would take "years, not months, to fully execute."

The leaked documents show Facebook's ongoing concerns about its appeal to younger users, as rivals like TikTok have enjoyed popularity with teens. They also offer the company's difficulties in dealing with users who create multiple accounts on its platform.