Facebook renames itself Meta
AN EMBATTLED Facebook Inc is changing its name to Meta Platforms Inc, or Meta for short, to reflect what CEO Mark Zuckerberg says is its commitment to developing the new surround-yourself technology known as the ‘metaverse’. But the social network itself will still be called Facebook.
Skeptics immediately accused the company Thursday of trying to change the subject from the Facebook Papers, the trove of leaked documents that have plunged it into the biggest crisis since it was founded in Zuckerberg’s Harvard dorm room 17 years ago. The documents portray Facebook as putting profits ahead of ridding its platform of hate, political strife and misinformation around the world.
Marketing consultant Laura Ries likened the move to BP rebranding itself to “Beyond Petroleum” to escape criticism that the oil giant harmed the environment.
“Facebook is the world’s social media platform and they are being accused of creating something that is harmful to people and society,” she said. “They can’t walk away from the social network with a new corporate name and talk of a future metaverse.”
Facebook the app, where users post personal updates and register likes, is not changing its name. Nor are Instagram, WhatsApp and Messenger. The company’s corporate structure also won’t change. But on December 1, its stock will start trading under a new ticker symbol, MVRS.
The metaverse is sort of the Internet brought to life, or at least rendered in 3D. Zuckerberg has described it as a “virtual environment” you can go inside of, instead of just looking at on a screen. People can meet, work and play, using virtual reality headsets, augmented reality glasses, smartphone apps or other devices.
It also will incorporate other aspects of online life such as shopping and social media, according to Victoria Petrock, an analyst who follows emerging technologies.
Other tech companies such as Microsoft, chipmaker Nvidia and Fortnite maker Epic Games have all been outlining their own visions of how the metaverse will work.