Reasons Why Facebook Change Company Name To Meta

Facebook on Thursday announced that it has changed its company name to Meta.

The decision by Facebook Inc. to change its name to Meta reflects the company’s perceived growth opportunities beyond its namesake social-media platform.

The name change was announced at the Facebook Connect augmented and virtual reality conference.

Zuckerberg, who said he loved studying classics in school, said the name was inspired by the Greek word meta, which means “beyond.” “For me, it symbolizes that there is always more to build.”

CEO Mark Zuckerberg, speaking at the company’s live-streamed virtual and augmented reality conference, said the new name reflects the company’s growing ambitions beyond social media.

Facebook, now known as Meta, has adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.

What is the meaning of metaverse?

The metaverse is a term coined in the dystopian novel “Snow Crash” three decades ago and now attracting buzz in Silicon Valley. It refers broadly to the idea of a shared virtual realm which can be accessed by people using different devices.

Why is Facebook rebranding?

The corporate rebrand gives Facebook an opportunity to shift the focus as it is facing sharp scrutiny from lawmakers, researchers and users. Mr. Zuckerberg has said the criticism surrounding the company over revelations in the Facebook Files series, which showed Facebook knows its platforms are riddled with flaws that cause harm, paints a false picture of the organization.

“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,”

Zuckerberg wrote in a letter on Thursday

Why Mark Zuckerberg Choose Meta

The corporate rebrand gives Facebook an opportunity to shift the focus as it is facing sharp scrutiny from lawmakers, researchers and users. Mr. Zuckerberg has said the criticism surrounding the company over revelations in the Facebook Files series, which showed Facebook knows its platforms are riddled with flaws that cause harm, paints a false picture of the organization.

The company said in a blog post that it intends to start trading under the new stock ticker it has reserved, MVRS, on Dec. 1. 

Zuckerberg also announced Messenger calling is coming to VR, plans to operate a virtual marketplace where developers can sell virtual goods and a new home screen in Oculus Quest to make chatting and games in the virtual world more social.

“Your devices won’t be the focal point of your attention anymore,” he said. “We’re starting to see a lot of these technologies coming together in the next five or 10 years. A lot of this is going to be mainstream and a lot of us will be creating and inhabiting worlds that are just as detailed and convincing as this one, on a daily basis.”

On Oct. 28, the day Facebook’s name was announced, Facebook closed with a market cap of nearly $900 billion, putting it in the top 10 biggest U.S. companies by market value.

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