One of the major characteristics of science and technology is it’s dynamic State and this gives it the ability to upgrade. This dynamic State can be seen in all Technological related platforms and recently, the US social media giant, Facebook had announced that the company name would be changed very soon.
According to reports from Reuters, Facebook has reportedly changed its name to Meta in a major rebrand as the social media giant faces scrutiny over its business practices. Facebook company explained that it’s reason for changing it’s name is due to its ongoing plans to involve Virtual reality (VR) in the platform.
The establishment has made clear its future thing is to produce an online VR world called Metaverse, where people can work, game and communicate in a virtual environment, using VR headsets gadgets.
The statement of CEO of Facebook, Mark Zuckerberg reads,
” The Facebook company is investing $10 billion in the design of metaverse which would Link user together. Moment we’re seen as a social media company, but in our DNA we’re a company that builds technology to connect people, and the metaverse is the coming frontier just like social networking was when we got started,” Mr Zuckerberg said.
“ We believe the metaverse will be the successor to the mobile internet. We ’ll be suitable to feel present – like we ’re right there with people no matter how far piecemeal we actually are. We ’ll be suitable to express ourselves in new joyous, fully immersive ways.”
The name change comes as the company faces scrutiny after a former hand blurted damaging documents showing the company knew its brands similar as Instagram had negative impact on youthful people. After the allegations where made against Facebook, the company denied it claiming that the platform poses no danger to people’s mental State.
On Thursday, the company said that the name change is expected to place the flagship app (Facebook) as one of several products under a parent company, Meta, following in the steps of Google which set up a holding company, ABC, in 2015. WhatsApp, Instagram and other Facebook features would be under the New parent company, Metaverse.
It was reported that from the 1st of December, the name of Facebook on US stock exchange would be Meta and not FB. Meta’s stock price rose further than 3 per cent on Thursday. Metaverse would give social media users currently under the umbrella of Facebook the chance to explore more on technology.