Despite its desire to grow to virtual spaces where people interact via digital avatars, the company indicated that it will not modify its organisational structure.
Facebook will change its name to Meta, according to CEO Mark Zuckerberg, to reflect the company’s expanding focus on the metaverse.
The name change was unveiled during the Facebook Connect augmented and virtual reality conference, and it underscores the company’s burgeoning ambitions in the metaverse beyond social networking.
No changes in organizational structure
The company stated it will not change its organizational structure despite its ambition to expand to virtual places where people engage via digital avatars. The ticker symbol for the stock will be MVRS.
According to the company, Facebook and its applications Instagram, Messenger, and WhatsApp will be located in a distinct division from Facebook Reality Labs, which develops the company’s augmented and virtual reality technologies.
Rebranding announced amid crisis – From Facebook to Meta
The rebranding of one of the world’s most prominent and well-known organizations comes as Facebook faces a public relations crisis following the release of information to Congress by former product manager Frances Haugen.
Critics of the company seized on the renaming, with The Real Facebook Oversight Board claiming that the network is undermining democracy by promoting misinformation and hatred.
In a statement, the group said that Facebook’s ‘meaningless’ name change should not divert attention away from the inquiry, regulation, and meaningful, independent monitoring that are required to hold Facebook responsible.
The company is also in a public tussle with Apple over how user data is collected as they strive to rule the future generation of the internet. However, Apple’s recent changes have harmed Facebook’s advertising revenue.
The move towards Metaverse
The metaverse is not a new idea, but it has gained traction in recent months as Facebook CEO Mark Zuckerberg has discussed his new vision for the company, he founded in his Harvard dorm room.
Facebook recently announced intentions to recruit 10,000 people in the European Union to help develop the “metaverse,” with Zuckerberg emerging as a proponent of the idea.
The metaverse is, in fact, science fiction. Neal Stephenson coined the word in his 1992 novel “Snow Crash”.