Facebook on Thursday announced that it has changed its company name to Meta.
The name change, which was announced at the Facebook Connect augmented and virtual reality conference, reflects the company’s growing ambitions beyond social media.
The re-branding also comes after the company has dealt with a barrage of news reports over the past month stemming from whistleblower Frances Haugen’s trove of internal documents.
Facebook employees gather in front of a sign displaying a new logo and the name ‘Meta’ in front of Facebook headquarters on October 28, 2021 in Menlo Park, California.
Justin Sullivan | Getty Images
Facebook on Thursday announced that it has changed its company name to Meta.
The name change was announced at the Facebook Connect augmented and virtual reality conference.
The new name reflects the company’s growing ambitions beyond social media. Facebook, now known as Meta, has adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said.
The company will also change its stock ticker from FB to MVRS, effective Dec. 1, the company said in the announcement of its name change.
Meta’s stock price was up more than 3% on Thursday.
In July, the company announced the formation of a team that would work on the metaverse. Two months later, the company said it would elevate Andrew “Boz” Bosworth, who is currently the head of the company’s hardware division, to the role of chief technology officer in 2022. And in its third-quarter earnings results on Monday, the company announced that it will break out Reality Labs, its hardware division, into its own reporting segment, starting in the fourth quarter.
“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.
Over the past few years, the company has ramped up its efforts in hardware, introducing a line of Portal video-calling devices, launching the Ray-Ban Stories glasses and rolling out various versions of the Oculus virtual-reality headsets. The company has indicated that augmented and virtual reality will be a key part of its strategy in the coming years.
The company also said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse.
Zuckerberg on Thursday also provided a demonstration of the company’s ambitions for the metaverse.
The demo was a Pixar-like animation of software the company hopes to build some day. The demo included users hanging out in space as cartoon-like versions of themselves or fantastical characters, like a robot, that represent their virtual selves.
Zuckerberg said a lot of this is a long ways off but the company is starting to work on it. Elements of the metaverse could become mainstream in five to 10 years, Zuckerberg predicted. The company expects “to invest many billions of dollars for years to come before the metaverse reaches scale,” Zuckerberg added.
“We believe the metaverse will be the successor to the mobile internet,” Zuckerberg said.
Additionally, Meta announced a new virtual reality headset named Project Cambria. The device will be a high-end product available at the “higher-end of the price spectrum” that will be released next year, Zuckerberg said.
Meta also announced the code name of its first fully AR-capable smart glasses is Project Nazare. The company did not say when the glasses will be released. Zuckerberg said “we still have a ways to go with Nazare, but we’re making good progress.”
The re-branding also comes after the company has dealt with a barrage of news reports over the past month. Those have stemmed from Frances Haugen, a former employee turned whistleblower who has released a trove of internal company documents to news outlets, lawmakers and regulators.
The reports show that the company is aware of many of the harms its apps and services cause but either doesn’t rectify the issues or struggles to address them. More documents are expected to be shared daily over the coming weeks.
In a call with analysts on Monday, Zuckerberg vehemently refuted the claims and critiques in news reports stemming from whistleblower Frances Haugen’s trove of internal company documents.
AbdulRazaq Greets First Class Monarch, Olofa Of Offa At 59
The Kwara State Governor, Mallam AbdulRahman AbdulRazaq has congratulated the Olofa of Offa Oba Mufutau Muhammed Gbadamosi Esuwoye II on his 59th birthday anniversary, describing his reign as hugely impactful and fruitful for the Offa community and beyond.
“I send our felicitations to His Royal Majesty the Olofa of Offa on his 59th birthday anniversary today.
May Almighty Allah grant His Royal Majesty good health and long life on the stool of his forbears.
I join sons and daughters of Offa, and the entire state, to commend his resourcefulness, statesmanship, his personal investments in ensuring that his community continues to stand out for good things, his commitment to socio-cultural and economic growth of the ancient town, as well as his support for the government’s peace and developmental efforts in the state,” the Governor said in a statement.
The Governor urges the first class monarch to continue to lead the initiatives for development and peace in Offa, saying posterity
AbdulRazaq Mourns Late Alhaji Kawu, FIRS Director
The Governor of Kwara State, AbdulRahman AbdulRazaq, has once more urged security forces to use all available means to eradicate the terrorists and robbers terrorizing the nation’s citizens.
In a message of condolence sent to the Emir of Lafiagi, Alhaji Mohammed Kawu, the governor made the appeal in response to the murder of Alhaji Mohammed Kudu, a senior official of the Federal Internal Revenue Service, who was killed by bandits on Sunday during an attack between Lapai and Lambata on the Ilorin/Mokwa/Minna Road.
Kudu, until his death, was the Saduki Lafiagi in Edu Local Government Area of Kwara State.
The governor, in a statement by his Chief Press Secretary, Rafiu Ajakaye, described the killing as unfortunate.
“With total submission to the will of God, I send my heartfelt condolences to the people of Lafiagi Emirate, the Emir of Lafiagi, Alhaji Mohammed Kawu, and the immediate family of Saduki Lafiagi on this sad development.
“It is one tragedy too many. We are again renewing our calls on the security agencies not to spare any efforts to take out the daredevils who continue to terrorise and waste innocent lives under whatever guise,” the governor said in a statement on Monday.
AbdulRazaq Commiserates Chief Imam Of Ajase-Ipo
Kwara State Governor AbdulRahman AbdulRazaq has commiserated with the people of Ajase-Ipo in Irepodun Local Government Area over the death of Chief Imam Sheikh Muhammad Mustapha Suleiman, calling it the end of another great era of impressive scholarship.
The FidelinfoNews gathered that the Governor said the death of the Chief Imam, the spiritual leader of the Muslim community in Ajase-Ipo, was a depletion in the rank of community leaders whose leadership roles are key to societal cohesion, stability, peace and security.
“On behalf of the government and the people of Kwara State, I send our heartfelt condolences to the Muslim community, the Olupo of Ajase-Ipo Oba Ismail Yahya Alebiosu, and the immediate family of the Chief Imam. He left a legacy of being a great leader who played his role in the development of his community,” according to a statement by Chief Press Secretary to the Governor Rafiu Ajakaye.
“We beseech Allah to forgive his shortcomings, grant him al-jannah Firdaus, and keep the ummah and his family on the path of righteousness.”
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