FACEBOOK GOES META! MARK ZUCKERBEG ANNOUNCES NAME CHANGE & REBRANDING

 

During its Facebook Connect event today, Facebook revealed a new name, as expected. Mark Zuckerberg announced the formation of Meta, a new parent company under which Facebook will function.

Zuckerberg expressed his desire for Facebook to be known as a metaverse corporation rather than a social media firm. Part of that goal is the new name. Users would no longer be required to use Facebook to use the company's services, according to Zuckerberg.

The company stated that "Meta's objective will be to bring the metaverse to life and help people connect, find communities, and create enterprises."

"The metaverse will resemble a mix of today's online social experiences, stretched into three dimensions or projected into the real world at times. It will allow you to enjoy immersive experiences with others even when you are unable to be physically present with them—and to do things together that you would not be able to do in the physical world. It's the next step in a long series of social technology, and it marks the start of a new era for our business."

The business's organizational structure will remain unchanged, but the method it discloses earnings will change, according to the corporation. Meta will report earnings for two segments starting in Q4 2021: Family of Apps and Reality Labs. In addition, on December 1, the company's stock exchange ticker will change to MVRS.

Facebook just said that it will invest $10 billion on the metaverse this year and that 10,000 employees are now working on it.

The metaverse isn't just coming, according to Facebook. Bobby Kotick, CEO of Activision Blizzard, believes a Ready Player One-style metaverse is on the road.

In other developments, Facebook has come under fire when whistleblower Frances Haugen leaked key business data to The Wall Street Journal, detailing concerns that the firm is harming society. It's also possible that Facebook will alter its name.

During the event, it was also revealed that Grand Theft Auto: San Andreas will be arriving to Oculus Quest 2.