Social media mogul Facebook is reportedly having plans on changing its company name in the coming week as part of its efforts to focus on the company's development of the "metaverse" virtual world.

Facebook Name Change

Facebook CEO Mark Zuckerberg is seen to discuss the name change during the company's annual Connect conference on October 28, according to a Breitbart News report.

However, the announcement of the name change could come sooner.

The Facebook app will still exist but will be under the parent company as a product, such as a case for Instagram, WhatsApp, and Oculus.

The social media giant reportedly has more than 10,000 employees developing consumer hardware such as augmented reality glasses.

Zuckerberg believes it will soon become as important commonly used as the modern smartphone.

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Metaverse Company

In July, Zuckerberg said that the company will effectively transition from being seen as a social media company to being a metaverse company, according to The Verge report.

A Facebook spokesperson has yet to comment on the news of the company's rebrand.

The metaverse is a digital world wherein the real and virtual merge. It allows people to move between devices and communicate in a virtual environment.

Facebook said in a blog post that the metaverse had the potential to unlock access to new creative, social, and economic opportunities, according to a Euro News report.

Facebook added that Europeans will be part of the effort right from the start as they plan to create 10,000 new high-skilled jobs within the European Union over the next five years.

Facebook has heavily invested in virtual reality and augmented reality. It has acquired hardware such as the Oculus VR headset and developed AR glasses and wristband technologies

The company announced a month that Andrew Bosworth, the head of AR and VR, will be promoted as a chief technology officer, according to a Tech Crunch report.

Meanwhile, Facebook has faced a number of issues with its internal company documents being made public through a series of reports from the Wall Street Journal.

Facebook Whistleblower

Frances Haugen had come forwards as the Facebook whistleblower responsible for a series of leaks. She used to work as a product manager on the civic integrity team at Facebook.

Haugen said that the documents she leaked had revealed how the social media company prioritized "growth over safety," according to a BBC News report.

Haugen revealed in an interview earlier this month that Haugen said she had left Facebook earlier this year after becoming exasperated with the company.

She added that he had made copies of internal memos and documents before leaving, which she had shared with the Wall Street Journal.

It revealed that Facebook had treated differently celebrities, politicians, and other high profile Facebook users.

The documents had also revealed that Facebook was facing a lawsuit from its shareholders. The group suing the social media company alleges that Facebook's $5 billion payment to the U.S. Federal Trade Commission was so high as it was aimed to protect Zuckerberg from personal liability.

Instagram has also been an issue, particularly to U.S. politicians due to reports that Facebook found out Instagram was affecting the mental health of teenagers but did not share its findings.

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This article is owned by Latin Post.

Written by: Mary Webber

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