Facebook to change its name next week: Report

Social media giant, Facebook is planning to give itself a rebrand with a new name next week, The Verge reported on Tuesday, citing a source with direct knowledge of the matter.

Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge reported.

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

The news comes at a time when the company is facing increasing U.S. government scrutiny over its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.

The rebranding would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the Verge report added.

It’s not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.

The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.

Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps.