Facebook reportedly planned a name change as part of CEO Mark Zuckerberg’s goal of creating a VR-based metaverse, an initiative set to create 10,000 jobs in Europe.
The Verge reported the social media giant will announce a new corporate name at its Connect 2021 conference on 28 October or sooner. The Facebook app and website are expected to remain in place, with a newly-named corporate parent housing the main service, WhatsApp, Instagram and its other brands.
Facebook’s renaming was tipped by The Verge to reflect a goal of building a so-called metaverse, described by the social media company in a recent blog as “a new phase of interconnected virtual experiences” powered by AR and VR.
The company already revealed plans to hire 10,000 staff [1] in Europe to boost the effort.
Facebook faces something of an onslaught of regulatory attention, with the UK Competition and Markets Authority this week fining it £50 million [2] ($69 million) relating to failings over the information provided during an acquisition of Giphy.
This added to a $14.2 million settlement Facebook agreed with the US government relating to claims of employee discrimination.
[1] https://www.mobileworldlive.com/featured-content/apps-home-banner/facebook-targets-10000-for-eu-virtual-world
[2] https://www.mobileworldlive.com/apps/news-apps/facebook-fined-50m
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