Facebook announced a name change on Thursday to integrate all its businesses under a single brand called meta, diverting some attention from the social media company founded in 2004.
The name reflects the belief of the technology giant that the virtual tools and experiences of the so-called “metaverse” are the future of connectivity – the company’s long-term mission is to connect people around the world.
Mark Zuckerberg, CEO of the company, said in a letter from its founder on Thursday: “the defining quality of metaverse will be a sense of existence – just like you are with another person or in another place.”. “Feeling the real existence of others is the ultimate dream of social technology. That’s why we are committed to building this platform.”
Turning to meta is reminiscent of Google placing itself under the parent company’s alphabet in 2015.
Facebook’s name change comes as the company and its practices are under increasing scrutiny and criticism. Recently, an informant provided tens of thousands of documents to expose the company’s practices. The Wall Street Journal said that the “Facebook document” showed that the company knew the adverse impact of its platform, but did not take any measures to repair it.
Zuckerberg started using Facebook as a social network when he was in college 17 years ago. Now the company has one-time independent giants such as instagram, WhatsApp and oculus VR.
Meta said it was moving beyond 2D screens to “immersive experiences such as augmented and virtual reality to help build the next evolution of social technology.”
Headquartered in Monroe Park, California, Facebook has established a considerable engineering business in Seattle for many years. The number of employees in Seattle, Bellevue and Cochran, Washington has increased to 7000. For example, in 2020, Facebook paid $367.6 million to buy a new 6-acre, 400000 square foot complex from REI in the Spring Development Zone in Bellevue.
Meta said that its corporate structure will not change, but its financial performance will now be reported as two operating departments: the application family and the reality lab. The company will also start trading under the new stock code mvrs on December 1.
Zuckerberg called Facebook one of the most used technology products in world history. He said in his letter that meta still has a lot to develop.
“Our role in this process is to accelerate the development of basic technologies, social platforms and innovative tools, bring metaverse to life, and weave these technologies through our social media applications,” Zuckerberg said in the letter. “We believe that metaverse can bring a better social experience than anything today, and we are committed to helping realize its potential.”