Facebook has announced that it has changed its corporate name to Meta as part of its rebranding itself to reflect the company's focus on broadening its reach beyond social media into areas of the virtual world. Meta will be a new holding company, presiding over individual platforms like Facebook, and other services including WhatsApp, Instagram, and its virtual and augmented reality. The move comes after an ex-employee, Frances Haugen leaked documents revealing negative information about Facebook, accusing the company of putting "profits over safety".
Facebook boss, Mark Zuckerberg announced the new name, explaining that the company plans to build a "metaverse", an online virtual world where people can work, communicate, and game using a VR headset.
He said using Facebook as the parent company name could not "possibly represent everything that we're doing today, let alone in the future".
"Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we're building towards," he told a virtual conference.
"We're now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms.
"And as part of this, it is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build."