Menlo Park, Oct. 20 (US) – The social media giant is planning to rebrand it with a new name next week, The Verge reported, citing a source familiar with the matter.
The Verge reports that Facebook CEO Mark Zuckerberg plans to speak about the name change at the company’s annual Connect conference on October 28, but it may be revealed soon.
In response, Facebook said it does not comment on “rumour or speculation”.
The news comes at a time when the company faces increased scrutiny from the US government over its business practices. Lawmakers from both parties have criticized the company, illustrating the growing anger in Congress at Facebook, Reuters reports.
The Verge report added that the rebranding will position the Facebook social media app as one of several products from a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more.
It is not uncommon in Silicon Valley for companies to change their names as they try to expand their services.
Google created Alphabet Inc (GOOGL.O) as a holding company in 2015 to expand beyond the search and advertising business, to oversee several other projects ranging from an autonomous vehicle unit and health technology to providing internet services in remote areas.
The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to navigate and communicate in a virtual environment, according to the report.
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect nearly three billion users through many devices and apps.
On Tuesday, it announced plans to create 10,000 jobs in the European Union over the next five years to help build this metaverse.
Zuckerberg has been talking about the metaverse since July, and the buzzword, first coined in a dystopian novel three decades ago, has been referenced by other tech companies like Microsoft.
The Verge report said the company’s potential name could have something to do with Horizon. Recently, Facebook renamed its in-development VR gaming platform “Horizon” to “Horizon Worlds”.