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October 29,2021

Andrew Campbell 

On October 28th, Facebook Inc. CEO Mark Zuckerberg stated that the firm would be rebranding as Meta, with a focus on establishing the "metaverse," a shared virtual world that the corporation believes will be the successor to the mobile internet.

According to Mark Zuckerberg, the new name emphasizes the company's investments in the metaverse, rather than its eponymous social media site, which has about 2.9 billion monthly users and will continue to be called Facebook.

Facebook announced this week that its hardware subsidiary, Facebook Reality Labs, which is in charge of AR and VR activities, will become a separate reporting unit, and that the company's investment in it will cut its total operating profit by approximately $10 billion this year.

The name change comes as the world's largest social media business under legislative and regulatory scrutiny over its market power, algorithmic judgments, and policing of abuses on its platforms.