Facebook CEO Mark Zuckerberg said that the firm is renaming as Meta to better reflect its virtual-reality vision for the future, which he refers to as the “metaverse.”
Skeptics argue that it’s also an attempt to divert attention away from the Facebook Papers, a trove of stolen documents that reveals how Facebook ignored internal reports and warnings about the problems its social network caused or intensified around the world.
According to Zuckerberg, the metaverse will reach a billion individuals in the next decade. He claims that the metaverse will be a place where people can communicate, collaborate, and create products and content in what he thinks will be a new ecosystem that will provide “millions” of jobs for creators.
The announcement comes as Facebook faces an existential crisis. Following the revelations in the Facebook Papers, it is facing legislative and regulatory scrutiny in many parts of the world.
Zuckerberg explained the rebranding by saying that the name “Facebook” no longer encompasses “everything we do.” This now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform, and more, in addition to its flagship social network.
“We’ve learned a lot from battling with societal issues and living under restricted platforms,” Zuckerberg said at an annual developers conference. “Now it’s time to utilise what we’ve learned and help construct the next chapter,” he added. According to Leading News Media, he added, “Our apps and their brands are not changing.”
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