Facebook on Thursday announced that it has changed its company name to Meta.
The name change was announced at the Facebook Connect augmented and virtual reality conference.
The new name reflects the company’s growing ambitions beyond social media with the metaverse, a classic sci-fi term Facebook, now known as Meta, has adopted to describe its vision for working and playing in a virtual world.
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said.
The company will also change its stock ticker from FB to MVRS, effective Dec. 1, the company said in the announcement of its name change.
Meta’s stock price was up more than 3% on Thursday.
In July, the company announced the formation of a team that would work on the metaverse. Two months later, the company said it would elevate Andrew “Boz” Bosworth, who is currently the head of the company’s hardware division, to the role of chief technology officer in 2022. And in its third-quarter earnings results on Monday, the company announced that it will break out Facebook Reality Labs, its hardware division, into its own reporting segment, starting in the fourth quarter.
“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.
Source: CNBC
