However, Facebook has yet to release an official statement in response to the claims.
Facebook Inc is going to rebrand itself with a new name next week, according to media reports.
The Verge reported on Tuesday, while citing a source with first-hand knowledge of the matter, that Facebook Chief Executive Officer Mark Zuckerberg wants to discuss the name change during the company’s annual Connect conference on October 28, although it might be revealed sooner.
However, Facebook has not issued any official statement over the reports so far.
Rebranding reports amid scrutiny of Facebook’s operations
Meanwhile, the reports of rebranding come at a time when the company’s business operations are being scrutinized by the US authorities. Facebook has been criticized by lawmakers from both parties, more severely over the past few months.
If The Verge report is to be believed, the renaming would portray Facebook’s social network app as one of many products under a parent corporation that will also handle Instagram, WhatsApp, Oculus, and other such associate products.
Facebook not the first Silicon Valley company to change its name
It’s fairly unusual for companies in Silicon Valley to alter their names in order to extend their offerings.
In 2015, Google formed Alphabet Inc as a holding company to handle numerous other initiatives ranging from its autonomous car unit and health technologies to delivering internet services in distant places, in addition to its search and advertising companies.
Metaverse an important consideration for prompting rebranding
Similarly, the rebranding would also reflect Facebook’s aim of developing the so-called metaverse, an online world where people can travel and converse in a virtual environment using various gadgets.
It is in place to mention that Facebook has made significant investments in virtual reality (VR) and augmented reality (AR), with the goal of connecting its almost three billion users across a variety of devices and apps.
On Tuesday, the company confirmed intentions to generate 10,000 jobs in the European Union over the next five years to aid in the development of the metaverse.
Zuckerberg has been promoting the metaverse, which was initially defined in a dystopian novel three decades ago.