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Facebook reveal plan to change name

Facebook, Inc. is planning to rebrand itself with a new group name that focuses on the metaverse, the Verge reported on Tuesday.

Earlier this week, social media site also announced that it would hire 10,000 people in Europe to work on creating the metaverse.

“The rebranding would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more,” The Verge wrote.

The Verge said that the rebranding (which could happen at the annual AR/VR-focused Facebook Connect conference on Oct. 28) could be related to the company’s ongoing efforts to build out the “metaverse,”

According to Facebook, metaverse is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.

“You’ll be able to hang out with friends, work, play, learn, shop, create, and more.

It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful,” the company said.

The rebranding could be part of the platform’s reputation after a series of content moderation failures and bad news came its way.

Earlier this month Frances Haugen, a whistleblower who used to work at Facebook as a product manager, testified that the company is aware that its platforms are used to spread hate and misinformation. She further revealed that the company has failed to take action to prevent it.