Facebook Reportedly Rebranding and Changing Corporate Name

Facebook Reportedly Rebranding and Changing Corporate Name

Facebook is planning on rebranding itself in the coming weeks, amid one of the worst PR crises in its 17-year history. The social media giant is expected to announce its new corporate name and rebranding strategy by the end of the month, The Verge is reporting.

The company’s change in name is set to reflect its focus on building its virtual metaverse experiences. The change also comes as Facebook’s CEO, Mark Zuckerberg, is preparing to move his business beyond social media.

Zuckerberg plans to talk about the company’s change in name and rebranding at the Facebook Connect conference on Thursday, October 28. However, the new corporate name could be publicly announced before then. The website is scheduled to report its third-quarter earnings this Monday, October 25, after the market closes.

During Facebook’s Q2 earnings call in July, Zuckerberg discussed his vision for its metaverse, which will include an open, virtual environment where users can share experiences with other people.

Facebook already has more than 10,000 employees who are building consumer hardware like AR glasses that the internet entrepreneur believes will eventually be as commonplace as smartphones.

Zuckerberg called it the company’s developments the ultimate expression of social technology. He also predicted that Facebook will be seen in the future as a metaverse company, not a social-media company.

The rebrand will likely include Facebook’s famous blue app under a parent company.

Other social media websites and messaging services as Instagram, WhatsApp and Oculus will be included with Facebook in the parent company.

A change in its corporate name change would give Facebook the chance to create a new narrative about itself amid the scrutiny it has been receiving from lawmakers and regulators about the alleged harm it causes its users. Facebook’s business practices have drawn even more criticism recently.

Ex-employee whistleblower, Frances Haugen, accused the company of prioritizing its profits over its users’ safety.

She recently leaked damaging internal documents to The Wall Street Journal that prove her claims, and testified about them before Congress.

Zuckerberg has denied Haugen’s allegations, but has declined to comment on The Verge’s report. However, antitrust regulators in the US and elsewhere are trying to break the company up, as the public is continuously losing trust in the way Facebook conducts its business.

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