Facebook Inc, the world’s largest social media company, is reportedly planning a rebranding with a new name next week, according to Reuters, citing the Verge.
Facebook CEO Mark Zuckerberg plans to discuss the name change at the company’s annual Connect conference on October 28, but it could be revealed sooner, according to The Verge.
In response, Facebook said it does not comment on “rumour or speculation,” according to Reuters.
The announcement comes at a time when the company is under increased scrutiny by the US government for its business practices. Lawmakers from both parties have slammed the company, highlighting Congress’s growing disdain for Facebook.
According to Verge, the name change would position Facebook’s social media app as one of many products under a parent company that will also oversee groups like Instagram, WhatsApp, Oculus, and others.
In 2015, Google established Alphabet Inc as a holding company to oversee a variety of other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.
According to the report, the rebranding will also reflect Facebook’s focus on developing the so-called metaverse, an online world where people can use various devices to move and communicate in a virtual environment.
According to reports, Facebook has made significant investments in virtual reality (VR) and augmented reality (AR) and plans to connect its nearly three billion users via a variety of devices and apps.
On Tuesday, the company also announced plans to create 10,000 jobs in the European Union over the next five years to assist in the construction of the metaverse.
Since July, Zuckerberg has been promoting the term “metaverse,” which was coined in a dystopian novel three decades ago and has been used by other tech companies such as Microsoft.