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Facebook Announces New Name: Meta

Mark Zuckerberg announces new name as ‘Meta,’ but we won’t be fooled

Facebook CEO, Mark Zuckerberg announces the company's new name, Meta

Just over a week ago, we covered Facebook’s plans to change its name and why they planned to do it. Today, the controversial tech giant not only addressed the company’s “scrutiny and public debate,” but detailed exactly why it took this major step.

Facebook’s CEO, Mark Zuckerberg (herein forth referred to as ‘Zucks’), announced the company’s new name, Meta, during his company’s Connect 2021 conference keynote. Zucks started the keynote with: actually, never mind. I don’t really care. If you want to check out the full, can’t-get-an-hour-and-twenty-minutes-back-of-my-life-keynote, go watch it here, or here.

In short, just as we covered on October 20th, Facebook’s name change is a rebrand as part of the company’s efforts to move away from being known as just a social media brand and focus on building the metaverse.

As part of this, it’s time for us to adopt a new company brand to encompass everything that we do. To reflect who we are and what we hope to build. I’m proud to announce our company is now Meta.

– Mark Zuckerberg during his company’s Connect 2021 keynote

The metaverse referred to here is a digital world where people can move between different devices to communicate virtually and one that Facebook CEO, Mark Zuckerberg, has invested heavily in since July. His deep dive into virtual reality and augmented reality includes the development of hardware such as its Oculus VR headsets as well as current work on AR glasses and wristband technologies.

Speaking of Oculus, they also got a facelift. Following today’s event, CTO Andrew Bosworth announced Meta will be phasing out the Oculus branding. The Oculus Quest product line will become the Meta Quest line, and the Oculus app will be called the Meta Quest app. In his post, Bosworth wrote that these changes will begin “early 2022.”

Along with this announcement, Zucks wrote in a blog post today titled Founder’s Letter, 2021, that the company’s structure will not be changing. What is changing, however, is how they report financially.

“We’re now looking at and reporting on our business as two different segments: one for our family of apps and one for our work on future platforms. Our work on the metaverse is not just one of these segments. The metaverse encompasses both the social experiences and future technology. As we broaden our vision, it’s time for us to adopt a new brand.”

– Mark Zuckerberg during his company’s Connect 2021 keynote

Along with this change, while they have plans to begin trading under the new stock ticker, MVRS, on December 1st, today’s announcement will not affect how they use/share data.

“We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.”

– Mark Zucks

Finally, Zucks is the proud new owner of the Twitter handle @meta, which interestingly enough, was sneakily swapped out with the previous @facebook handle if you’re wondering how it already has 13.5M followers.

Good luck to his metaverse, let’s hope he doesn’t sh*t all over this one too.

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