Mark Zuckerberg officially revealed the company’s name change to Meta during Facebook’s Connect 2021 event, following previous rumors that the company was changing its name. As a result, Facebook will join WhatsApp, Instagram, and Oculus under the Meta umbrella, which already has a website, a Twitter name, and a distinct identity.
According to Zuckerberg, the name change is intended to symbolize the company as a worldwide brand moving forward, rather than just a social media corporation. Although the firm’s organizational structure will not change, Zuckerberg claims that the manner the company discloses its financial results would. It’s only that Facebook wants to bring all of its services under one roof, and the name of its social media behemoth (Facebook) is no longer sufficient.
“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. But over time, I hope we are seen as a metaverse company,” Zuckerberg said during the event.
Meta already has its own official website, meta.com, as well as a Twitter account with over 13.5 million followers as of this writing. The website was originally known as meta.org and was a component of the Chan Zuckerberg Science Initiative, which Zuckerberg and his wife Priscilla Chan established in 2015. According to a Medium post published lately, meta.org will be taken down on March 31, 2022.
Now, when it comes to providing financial statistics, the corporation will use a new approach beginning in the fourth quarter of 2021. Meta will report on two operating categories, according to Zuckerberg: Family of Apps and Reality Labs.
“We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.” Zuckerberg wrote in an official blog post recently.
With the arrival of Meta, another key change in the company’s sub-brand will be Oculus, which will be phased away. Andrew Bosworth, Oculus’ CTO, recently stated that the Oculus brand will be known as Meta beginning in early 2022. The Oculus Quest product line will be rebranded Meta Quest, and the Oculus Quest app will be renamed Meta Quest app as well.
So, Facebook isn’t the parent company of Instagram or WhatsApp anymore. Instead, the original social media site will become a part of Meta, just like Google did when it was acquired by Alphabet in 2015.