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Facebook Changes Company’s Name to Meta

UTC by Ibukun Ogundare · 3 min read
Facebook Changes Company’s Name to Meta
Photo: Facebook

Facebook said it is “Introducing Meta: A Social Technology Company” to bring all of the company’s apps and technologies under this new brand.

Facebook Inc (NASDAQ: FB), the social networking service company, announced that it had changed the company name to Meta. The social media service provider revealed its name change during the Facebook Connect augmented and virtual reality conference on the 28th of October. The popular Facebook, which has become a household name, has now become Meta. Facebook adopted the new name based on the sci-fi term metaverse, which encapsulates the virtual world.

Facebook Introduces Meta

In a press release, Facebook said it is “Introducing Meta: A Social Technology Company.” Meta will bring together all of the company’s apps and technologies under a brand. Majorly, Facebook said that Meta would primarily bring the metaverse to reality, connect people, find communities, and at the same time grow businesses.

In a Founder’s Letter, Facebook CEO Mark Zuckerberg said that the company is at the start of the next chapter for the internet with Meta. He explained:

“The next platform will be even more immersive – an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build.”

According to the press release, the metaverse will let people share their immersive experiences with others even when they are not physically present. Also, people will be able to connect and do things they could not do in the physical world together. Facebook said intruding Meta is the next stage in “a long line of social technologies.”

At Facebook’s annual Connect conference, content creators, augmented and virtual reality developers, marketers, and others come together to celebrate the momentum and growth in the industry. At the virtual Connect 2021, the participants discussed what experiences in the metaverse could feel like over the next decade. The metaverse could touch social connection, work, commerce, entertainment, gaming, and fitness.

Facebook Announces New Tools to Support Its Social Technology

Formerly Facebook, Meta also announced new tools to enable people to build for the metaverse. This includes Presence Platform, which will allow mixed reality experiences on Quest 2. Furthermore, Meta has invested $150 million in immersive learning to educate and train the coming generation of creators.

Also in the press release, Facebook noted that its corporate structure would not change as it rebrands to become Meta. However, the social networking service company said that its financials would change. As from Q4, the company will begin to report on two operating segments. The first segment – Family of Apps, and the second segment – Reality Labs.

Regarding its stock, Facebook will begin trading under a new ticker, “MVRS,” beginning from the 1st of December. FB is currently at after-hours trading of $317.60, a 0.21% gain over its last close of $316.92. Facebook saw some increases in a year and its year-to-date record. However, the company has been declining in the last three months. With the introduction of social technology, fingers are crossed on its impact on FB.

Business News, Market News, News, Social Media, Stocks
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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