Facebook plans to rebrand with new name, claims report

San Francisco: Facebook is reportedly planning to rebrand the company with a new name in a bid to focus on building the metaverse, according to a report by The Verge.  

According to a report published by The Verge, tech giant could change its name next week.

Report citing a source with direct knowledge of the matter said that Facebook CEO Mark Zuckerberg will unveil its new name at the annual Connect conference on October 28, but name could be revealed sooner.

A name change could reflect a new focus for the social media company.

Facebook, however, did not comment on rumor or speculation.

The rebranding would likely position the Facebook social media app as one of the several products under the umbrella of a parent company, which will oversee groups like WhatsApp, Instagram and Oculus.

The report comes after the company faces increasing criticism and scrutiny over its business and user data practices.

Meanwhile, Facebook has already revealed its plan to hire 10,000 people in the European Union over the next five years to develop a so-called ‘metaverse’ (An online world where people exist and communicate in shared virtual spaces).

In metaverse, people can game, work and communicate in a virtual environment, often using VR headsets.