Mark Zuckerberg, Facebook’s CEO, said on the 28th of October at his company’s Connect event that the company’s new name will be Meta. “We are a firm that creates technology that enables people to connect,” Zuckerberg explained. “By working together, we can finally place the human being at the core of our technology. And collectively, we can catalyze a vast expansion of the creator economy.”
He asserted that the term “Facebook” does not adequately describe the company’s current activities and remains inextricably linked to a single product. “However, I hope that we will eventually be viewed as a metaverse corporation.” he continued.
Zuckerberg owns the Twitter handle @meta and the domain meta.com, redirected to a Facebook welcome page describing the changes. Previously, the site was referred to as meta.org, a platform for discovering biomedical research on a Chan Zuckerberg Science Initiative project. That is a component of the philanthropic organization Zuckerberg co-founded in 2015 with his wife, Priscilla Chan. The group announced in a Medium post that it will deactivate Meta.org on March 31, 2022. This makeover is part of the firm’s efforts to pivot away from being known solely as a social network company and toward Zuckerberg’s metaverse goals. In July, he told The Verge that Facebook would “effectively move from being perceived as largely a social media company to being perceived as a metaverse company” over the next several years.
According to Zuckerberg, its organizational structure will remain unchanged, but how it presents financial performance will change. “Beginning with our fourth quarter fiscal year 2021 results, we intend to report on two operating segments: Family of Apps and Reality Labs,” he stated. “We also expect to begin trading on December 1 under the new stock symbol we have registered, MVRS.” It was further explained that this announcement made on the 28th of October does not affect how they use or exchange data.