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Facebook is planning to change its name, report says

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The company plans to announce the new name next week, reported the Virgin, citing a source with direct knowledge of the matter. Facebook wants to be known for more than social media, according to the tech post.
Facebook (FB) makes no comment on rumors or speculation, a company spokesman said in response to a question about the possible name change.

In addition to its flagship social networking site, Facebook also owns Instagram and WhatsApp. A name change could place the three mega platforms under an umbrella brand, similar to the structure used by Google, which is under the parent company Alphabet.

The name change may reflect the Facebook address. The metaverse refers to efforts to combine virtual and augmented reality technologies in a new online realm.

The idea is to create a space similar to the Internet, where users (via digital avatars) can walk around and interact with each other in real time. In theory, users could sit around a virtual meeting table with remote colleagues and then go to a virtual Starbucks to meet a friend.

Facebook announced earlier this week that it would hire 10,000 people in Europe to work on creating the metaverse.

A brand change could be part of an effort to review Facebook’s reputation after a tsunami of misinformation-related news on its platforms, content moderation failures, and revelations about the negative effect its products have on the mental health of some users.

Frances Haugen, a whistleblower who worked on Facebook as a product manager, said earlier this month that the company is aware that its platforms are used to spread hatred and misinformation, but has not taken action to avoid it. Facebook leaders have been attacked for allegedly choosing health benefits and lawmakers have made comparisons to Big Tobacco.

Facebook has aggressively backed down on the claims, calling them many of them “misleading” and arguing that their apps do better than harm.

The Facebook whistleblower testifies that the company operates in the shadows and hides its investigation of public scrutiny & # 39;

CEO Mark Zuckerberg plans to discuss the name change at the company’s annual Connect conference on Oct. 28, according to the Virgin.

A relatively small number of major companies have changed established brands. Kentucky Fried Chicken shortened its name to KFC, the Japanese vehicle brand Datsun became Nissan and the World Wrestling Federation became World Wrestling Entertainment. The social networking company Snapchat renamed Snap in 2016 to reflect their foray into hardware.

Some notable name changes have followed the scandal or controversy. Philip Morris, the maker of Marlboro, changed its name to Altria, for example, and ValuJet became AirTran after one of its planes crashed in 1996.

– Jill Disis contributed to the reports.

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