Eacebook changes name •o le•a in embrace of vir•ual reali•y

The name change is the most definitive signal so far of the company’s intention to stake its future on a new computing platform — the metaverse, an idea born in the imaginations of sci-fi novelists. In Meta’s vision, people will congregate and communicate by entering virtual environments, whether they’re talking with colleagues in a boardroom or hanging out with friends in far-flung corners of the world.

The new name won’t affect how the company uses or shares data, and the corporate structure isn’t changing. Apps including the flagship social network, Instagram and Whatsapp will also keep their monikers. The company said its stock will start trading under a new ticker, MVRS, on Dec. 1.

The erstwhile Facebook is hoping to parlay its social-media user base, comprising more than 3 billion people globally, into an audience that will embrace immersive digital experiences through devices powered by augmented and virtual reality software, a business already being aggressively pursued by Meta and its rivals.

“Right now, our brand is so tightly linked with one product that can’t possibly represent everything we’re doing today,” Zuckerberg said, “let alone in the future.”

Adoption of virtual reality gadgets — like Meta’s Oculus headset — has so far been minimal and their use mostly relegated to games and other niche applications. While achieving the broader vision of the metaverse is still years away, at Thursday’s event Meta announced a handful of product updates meant to advance that goal.