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Facebook reportedly plans to change its name to focus on the metaverse

Facebook CEO Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge report said.

CEO Mark Zuckerberg will unveil its new name at the annual Connect conference on October 28, but it could announce the new name earlier, as reported by The Verge.

Facebook, which has the ambition to be known for more than social media, announced Sunday that it plans to recruit 10,000 jobs in Europe for the next five years to help build the metaverse the company sees as a key component of its future.  

The company also announced a month ago that Andre Bosworth, the head of AR and VR, will be promoted to chief technology officer. Facebook already has more than 10,000 employees who build consumer hardware like AR glasses that Zuckerberg believes will be as ubiquitous as smartphones. 

In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside. 

The rebranding comes at a time when Facebook is facing criticism over a range of scandals, including a series of internal documents leaked by a whistleblower, Frances Haugen, who testified before the Senate Committee on Commerce, Science, and Transportation. Facebook is still under antitrust scrutiny by the U.S. government. 

“We don’t comment on rumor or speculation,” a Facebook spokesperson said.

“The metaverse is “going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet, and I think it’s going to be the next big chapter for our company too, really doubling down in this area.” Zuckerberg says

Complicating matters is that, while Facebook has been heavily promoting the idea of the metaverse in recent weeks, it’s still not a concept that’s widely understood. The term was coined originally by sci-fi novelist Neal Stephenson to describe a virtual world people escape to from a dystopian, real world. Now it’s being adopted by one of the world’s largest and most controversial companies — and it’ll have to explain why its own virtual world is worth diving into.

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