Facebook rebrands itself as ‘Meta’
Facebook has changed its corporate name to Meta as part of a major rebrand. The company said it would better “encompass” what it does, as it broadens its reach beyond social media into areas like virtual reality. This change does not apply to its individual platforms, such as the apps – Facebook and WhatsApp, only the parent company that owns them
The company also said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse. Zuckerberg said a lot of this is a long way off, with elements of the metaverse potentially becoming mainstream in five to 10 years. The company expects “to invest many billions of dollars for years to come before the metaverse reaches scale,” Zuckerberg added.
The social media giant has been battling one of its most serious crises ever since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites’ potential for harm, prompting a renewed US push for regulation.