Buzz
Speaking at the virtual and augmented reality conference by Facebook, CEO Mark Zuckerberg officially declared the event 'Facebook changes its company name to Meta'. Accordingly, the new name Meta will become the parent company, while the brands, the old company owning the social media platforms Facebook, Instagram, Oculus, and WhatsApp, will become subsidiaries and continue to operate under their old names. Mark Zuckerberg will retain the position of Chairman and CEO of the newly established company.
Rebranding Facebook, announcing the event of Facebook changing its company name to Meta.
The restructuring and renaming of Facebook are viewed as Mark Zuckerberg's ambitious shift from traditional social media empires to Metaverse products (multi-dimensional virtual universe).
- Learn more: What is Metaverse
Frequent in science fiction books and movies, Metaverse (multi-dimensional virtual universe) is perceived as a convergence of the real world, virtual reality (VR), and augmented reality (AR). According to Mark Zuckerberg's description, Metaverse is seen as a 3D virtual space where users can play games, watch movies, attend concerts, collaborate with colleagues, and socialize with friends through VR headsets without leaving their living rooms.
If you're not familiar with the VR and AR augmented reality world, explore here:
- Virtual Reality VR Technology
- Augmented Reality AR Technology
Key quotes from Mark Zuckerberg during the Facebook renaming event:
'Today, we are seen as a social media company, but in our DNA, we are a technology company building to connect people, and the metaverse is the next frontier just like social networks were when we started,'
'Currently, our brand is closely tied to one product to the extent that it cannot represent all that we are doing today, let alone the future.'
'And as a part of this, it's time for us to apply a new company brand to encompass everything we do, reflect who we are, and what we hope to build.'
Through his speech, Mark Zuckerberg emphasized that virtual and augmented reality will be a crucial part of their strategy in the coming years. The new name Meta also conveys the significant mission that over time, users won't need to use Facebook to access other services from the company.
With this event of renaming Facebook to Meta, the company is also changing its stock ticker from 'FB' to 'MVRS,' effective from December 1. Meta's stock price also surged immediately after the conference concluded.
