"[Facebook] is an iconic social media brand," the CEO added, "but it increasingly doesn't encapsulate everything we do." On Thursday, Facebook CEO Mark Zuckerberg announced that the company will change its name to Meta.
According to Zuckerberg, the firm opted to rebrand since the term Facebook doesn't entirely correspond with its future goal, and that the company would now be "metaverse-first, not Facebook-first" moving forward.
"Today, we're known as a social media business, but our DNA is as a technology firm that connects people, and the metaverse is the next frontier, just as social networking was when we first started," says the CEO.
On Monday, Zuckerberg stated that the business will invest over $10 billion in its metaverse division during its quarterly earnings call. Facebook Reality Labs, which will supervise the company's virtual and augmented reality activities, will have its own set of financials to disclose.
"This is not going to be a lucrative investment for us anytime soon," he said, adding that the business expects the $10 billion investment to grow much greater in the years ahead. "The metaverse, on the other hand, will be the holy grail of social encounters."
The makeover comes amid a storm of criticism directed at the multibillion-dollar corporation. The Wall Street Journal initially reported on hundreds of stolen internal papers from whistleblower Frances Haugen, which show that Facebook misled its investors and the public about how it handled disinformation and hate speech on its platforms.
Zuckerberg, on the other hand, told The Verge that the current scandal has "no bearing on this." Even while I believe some individuals would like to create that link, I believe it is a silly thing to do. If anything, I don't think this is the kind of climate in which you'd want to launch a new brand."
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