Facebook Reportedly Planning To Rename

Social media kingpin Facebook Inc (FB) is planning to change its name to reflect the company ambitions, according to a source acquired by The Verge. The report says that the announcement could be made as early as the company’s Connect conference to be held on October 28.

Facebook, in this matter, is walking closely on the heels of global search-engine giant Google, which announced a separate holding company named Alphabet, Inc (GOOGL) in 2015. The chief motive was to rebrand the company as a tech conglomerate rather than just a search-engine company that the world knew it as.

The name-change would make Facebook, the social media platform, just another subsidiary of the company, just like Instagram, WhatsApp, and Oculus. Facebook CEO Mark Zuckerberg said to The Verge in July, “We will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”
Facebook is planning to create 10,000 new high-skilled jobs within the European Union over the next five years to help build the metaverse, a new concept of a digital world. It is based on the idea that by creating a greater sense of “virtual presence,” interacting online can become much closer to the experience of interacting in person.

In a blog post, the company stated that the metaverse has the potential to help unlock access to new creative, social, and economic opportunities. According to the social network giant, no one company will own and operate the metaverse and its key feature will be its openness and interoperability like the internet.

Facebook said Europeans will be shaping metaverse right from the start. The company reportedly is planning to hire from Germany, France, Italy, Spain, Poland, the Netherlands, and Ireland.

This news came in the middle of a controversial span of time when Facebook is under strict government scrutiny on multiple fronts. Just on Wednesday, the District of Columbia Attorney General Karl Racine listed CEO Mark Zuckerberg’s name as a defendant of the lawsuit for the first time in the Cambridge Analytica scandal.

By creating a holding company, Facebook will be able to distract itself from all the negativity it is having to face. It might help to separate the company from the owning body and therefore, attempt to whitewash the leaders. The company has not confirmed or denied the matter.

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