Mark Zuckerberg changes Facebook’s corporate name to ‘Meta’
On Thursday, Facebook chief Mark Zuckerberg announced the parent company's name is being changed to "Meta". According to reports, the name change does not apply to its individual platforms like as Facebook, Instagram and Whatsapp. It is only for the parent company that owns them. Facebook chief Mark Zuckerberg announced the new name during the company's Connect conference streaming on Thursday. He reportedly announced it after introducing plans to build a "metaverse", an online world where people can communicate, work or play games in a virtual environment, often using VR headsets.
According to the reports, Zuckerberg said the change better reflects the company's broader vision. “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Zuckerberg said, as per CNBC.
The company also said this week, it would spend about $10 billion over the next year to develop the technologies required for building the metaverse.
“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” the leading daily said, Zuckerberg wrote in a letter.