Facebook CEO Mark Zuckerberg will have a new title, as the tech giant rebrands into "Meta," changing its name as it dives into the metaverse.

Zuckerberg announced the move on Thursday during their company's annual "Connect" conference, as he became the CEO and chairman of Meta, which will be the new name of Facebook's mother company, The Verge reported.

In a press release, Meta also announced that their company plans to begin trading under the stock ticker "MVRS" on December 1, according to a CNN report.

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Facebook Name Change to Meta

The move to change the name of the mother company effectively demoted Facebook's namesake service as one of the company's subsidiaries, such as Instagram and WhatsApp.

The said rebranding is a secret affair since he formally kicked off the said project in the previous six months. According to reports, the small handful of employees involved were asked to sign separate non-disclosure agreements.

Explaining about changing the name of the mother company, Zuckerberg highlighted that he felt that the previous name of their company did not encompass everything that they were doing.

"So we wanted to shift that to have something more evocative of the vision that we're moving towards," the Meta CEO said, pointing out that they are more than a social media company, arguing that they build "technology to connect people."

Zuckerberg then explained the rebranding "on a more functional and technical basis," saying that there were confusions and awkwardness about "having the company brand be also the brand of one of the social media apps."

"When people wanted to sign into their Quest, we wanted them to sign in with their Facebook account because we wanted to have a single identity or account system for the company," Zuckerberg pointed out, contending that Apple and Google have the same thing.

The CEO also shared the inspiration of the new name of his mother company was the Greek word "meta," which means "beyond."

"For me, it symbolizes that there is always more to build," Mark Zuckerberg shared.

Zuckerberg also pointed out that changing the names of his enterprise has nothing to do with the recent allegations they were involved in.

The CEO said that it was "ridiculous" that some people would think and connect the issues to his company's rebranding.

"I think that this is not the environment that you would want to introduce a new brand in," the former Facebook CEO said.

What is Metaverse?

The rebranding of the company is also because it slowly transitions into the metaverse.

According to The Guardian, metaverse, which was derived from an American Novel "Snow Crash," is where physical and world collide and a space where digital representations of individuals - avatars - interact.

Metaverse focuses on virtual reality, which is a digital world that one can enter through Facebook's Oculus VR Headsets.

Facebook also has a professional version of metaverse underway, known as Horizon workrooms. The said app allows Oculus-sporting employees to enter virtual offices and hold meetings.

Zuckerberg also believes that aside from work-related concerns, metaverse will also play a role in crypto technology such as NFTs and smart contracts.

The company has been investing billions of dollars - with at least $10 billion this year - on metaverse.

"I think we're basically moving from being Facebook first as a company to being metaverse first," Mark Zuckerberg said.

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This article is owned by Latin Post.

Written By: Joshua Summers

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