Reuters, Oct. 28 – Facebook Inc (FB.O) has rebranded as Meta, focusing on investments in the “metaverse,” a shared virtual world that the corporation believes will be the successor to the mobile internet.

The name change comes as the world’s largest social media business under legislative and regulatory scrutiny over its market power, algorithmic judgments, and policing of abuses on its platforms.

CEO Mark Zuckerberg said the new name represented the company’s intentions to construct the metaverse, rather just its eponymous social media site, which will continue to be called Facebook, during a live-streamed virtual and augmented reality conference.

The word “metaverse” was invented three decades ago in the dystopian novel “Snow Crash,” and it is now generating buzz in Silicon Valley. It refers to the concept of a shared virtual reality that may be accessed via a variety of devices.

“Right now, our brand is so closely associated with one product that it can’t reasonably represent everything we’re doing today, let alone in the future,” Zuckerberg remarked.

The company, which has made significant investments in augmented and virtual reality, claims that the transition would unify its various apps and technology under one unified brand. It stated that its corporate structure would not be altered.

The tech behemoth, which has 2.9 billion monthly users, has been under increased scrutiny from lawmakers and regulators around the world in recent years.

In the most recent controversy, former Facebook employee and whistleblower Frances Haugen disclosed information that she claimed indicated the business prioritized profit over user safety. The records, according to Zuckerberg, are being exploited to construct a “false picture.”

The company, which has made significant investments in augmented and virtual reality, claims that the transition would unify its various apps and technology under one unified brand. It stated that its corporate structure would not be altered.

The tech behemoth, which has 2.9 billion monthly users, has been under increased scrutiny from lawmakers and regulators around the world in recent years.

In the most recent controversy, former Facebook employee and whistleblower Frances Haugen disclosed information that she claimed indicated the business prioritized profit over user safety. The records, according to Zuckerberg, are being exploited to construct a “false picture.”

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