Facebook rebrands to Meta as it intensifies blockchain efforts By BTC Peers
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© Reuters. Facebook’s Meta rebranding is part of its ongoing blockchain initiativesIn a rather interesting development, Facebook’s CEO Mark Zuckerberg revealed on Thursday his social media platform is poised to officially change its corporate name to Meta.
This was confirmed by the Facebook (NASDAQ:) boss in a blog post that said that the company will trade under a new stock ticker, “MVRS,” starting early December.
The company decided to rebrand because its current “Facebook” name does not encompass everything in its future ambitions, according to the CEO. He added that henceforth the tech giant will be referred to as “metaverse-first, not Facebook-first.”
During his speech at the Facebook Connect virtual reality conference Zuckerberg said further:
Although we may be seen today as a social media firm, our core business is building technology that connects people.
Zuckerberg made the announcement during Monday’s quarterly earnings conference that it would invest more than $10 million in its metaverse business unit. It will report a special set of financials for Facebook Reality Labs, which has been tasked with supervising the company’s virtual and augmented reality efforts.
“This is not an investment that is going to be profitable for us anytime in the near future […] however, the metaverse will be the holy grail of social experiences.” said Zuckerberg, who believes the company’s $10 billion investment will grow even larger in the coming years.
The firm’s decision to rebrand itself comes amid a cascade of ongoing criticism faced by the company. Recent controversy surrounds the leaked documents of Frances Haugen (whistleblower), which suggest that Facebook conned investors and the general public regarding its handling of hate speech and misinformation on its platforms.
Zuckerberg did however express his views on the matter. Zuckerberg stated:
There is nothing to be done about this. Even though I think some people might want to make that connection, I think that’s sort of a ridiculous thing. This environment is not one you want to create a new brand.
As of press time, the company’s shares were trading at $321.23, a 2.88% increase.
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