Facebook on Thursday announced that it has changed its company name to ‘Meta’.
This rebranding is coming amid series of scrutiny and widespread backlash over its business practices.
According to its founder Mark Zuckerberg, the new name won’t affect how the company uses or shares data and the corporate structure isn’t changing.
The company said its stock will start trading under a new ticker, MVRS, on Dec. 1.
The new holding company Meta will encompass Facebook, its largest subsidiary, as well as apps such as Instagram, WhatsApp and the virtual reality brand Oculus.
“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.
“I am proud to announce that starting today, our company is now Meta,” he stated.