Tech

Facebook Set to Change Company Name After 17 Years

Facebook Set to Change Company Name

  • Facebook is planning to change its company name next week to reflect navigation into other sectors
  • According to a report by The Verge, CEO Mark Zuckerberg will announce the company’s new name at the annual Connect conference
  • The tech company plans to hire 10,000 over the next five years to build the metaverse

Social media giant Facebook is set to rebrand, which could involve a name change for the company.

According to a report by The Verge, the company wants its new name to reflect its current ambition which goes beyond social media.

CEO Mark Zuckerberg is expected to disclose the new name of the company at the annual Connect conference on October 28 but it could also happen sooner, The verge has reported.

The company had earlier revealed that it plans to hire more than 10,000 staff across Europe in the next five years, in a bid to build the metaverse- which is regarded as a key component of its future.

In July this year, Zuckerberg stated that he believes that the future of the company lies in the virtual metaverse.

“we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”

According to Snow Crash, Neal Stephenson’s 1992 sci-fi novel, the metaverse is a fully-realized digital world in a shared online space.

Read also: FG Issues Warning to Social Media Companies in Nigeria

A rebrand is also expected to separate the future work of the company from the scrutiny that Facebook has suffered recently.

Facebook

Facebook won’t be the first tech giant to rebrand. In 2016, Google rebranded under an entirely new holding company, Alphabet to signal that its interest goes beyond the search engine.

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