Facebook plans to rebrand

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Facebook is planning to rebrand itself with a new group name that focuses on the metaverse.

The name change will be announced next week.

Facebook CEO Mark Zuckerberg has been talking up the metaverse, a digital world where people can move between different devices and communicate in a virtual environment, since July, and the group has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.

The move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp, according to the report.

Google adopted such a structure when it reorganized into a holding company called Alphabet in 2015.

Facebook said it does not comment on “rumour or speculation.”.

The social media giant has come under fire from regulators in the recent past and lawmakers over its business practices, due to the huge population on over 2 billion it controls.

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