Wednesday, March 29, 2023

Facebook Changes Name to Meta

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Facebook CEO Mark Zuckerberg recently revealed his company’s new name as Meta, as it seeks to rebrand amidst criticisms over its policies, market powers and decisions made by its algorithms.

But Zuckerberg said the name change will reflect its growing focus on the metaverse which is virtual reality.

Zuckerberg said, “Facebook is one of the most used products in the history of the world. It is an iconic social media brand but increasingly it does not encompass everything we do.”

Why it matters

The company’s family of apps—Facebook, Instagram and Whatsapp will be separated as it shifts to becoming a metaverse company. The blue app will still be called Facebook but the new identity will be an umbrella name for the corporation. It said it would not change its corporate structure.

Meta means “beyond.”

The big picture

Lawmakers criticized its policy decision following a whistleblower’s revelations that the company valued profit over safety. Critics argue that the name change will help to save its reputation and avoid scrutiny.

Over 2.9 billion users are reported to use the tech giant, monthly.

What Zuckerberg said

Zuckerberg said, “Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future.

“We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.

“To reflect who we are and what we hope to build,” he added.

He said the name Facebook doesn’t fully encompass everything the company does now and is still closely linked to one product, “but over time, I hope we are seen as a metaverse company.”

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