afaqs! news bureau

Facebook goes Meta; changes name in a rebranding exercise

The change doesn't apply to individual brands like Whatsapp, Facebook, Instagram but only to the parent company.

Facebook, on Thursday (28 October 2021), announced it had changed its company name to Meta.

“I used to study Classics, and the word “meta” comes from the Greek word meaning “beyond”. For me, it symbolizes that there is always more to build, and there is always a next chapter to the story,” said Zuckerberg in his founder’s letter.

The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world.

It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company.

The social media giant’s corporate structure will not change but the way it reports its financials will. Starting from the fourth quarter of 2021, Facebook will operate on two operating systems: Family of Apps and Reality Labs.

The company also intends to start trading under the new stock ticker it has reserved, MVRS, on December 1.

In 2015, Google’s founders brought the search engine and other brands under parent company Alphabet.

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