Facebook renames itself Meta to drive creation of 3D immersive internet

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As widely rumoured, social media behemoth Facebook has renamed itself Meta in order to drive forward the firm’s ambitions for the metaverse – a full on three dimensional virtual digital world stemming from the internet.

The announcement was made on Thursday at Connect 2021, Facebook’s annual conference event, by CEO Mark Zuckerberg, who introduced Meta, which brings together all the apps and technologies that Facebook owns under one new company brand. 

The Meta name’s Facebook page has already garnered more than 49 million likes, and the name itself has garnered some pretty humorous memes in the social sphere, including Feta, Metal, and led Star Trek actor George Takai to ask on Twitter: “What’s the Meta for?”

Meta focus

However, Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses.

The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. 

It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world, the company said. 

It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for the company, the US-listed firm said in a news release. 

Zuckerberg shared more about this vision in a founder’s letter.

The annual Connect conference brings together augmented and virtual reality developers, content creators, marketers and others to celebrate the industry’s momentum and growth. 

This year’s virtual event explored what experiences in the metaverse could feel like over the next decade — from social connection, to entertainment, gaming, fitness, work, education and commerce. 

Metaverse builders tool

The company also announced new tools to help people build for the metaverse, including Presence Platform, which will enable new mixed reality experiences on Quest 2, and a $150-million investment in immersive learning to train the next generation of creators.

You can watch the full Connect keynote and learn more about how the metaverse will unlock new opportunities at meta.com. 

You can also learn more about our work over the past several months to develop the Meta brand on our design blog.

Despite the new name, Facebook said its corporate structure is not changing, although how it reports on its financials will. 

Starting with its results for the fourth quarter of 2021, the firm plans to report on two operating segments: Family of Apps and Reality Labs. 

New stock market ticker name

It also intends to start trading under the new stock ticker we have reserved, MVRS, on December 1. 

The company felt the need to assure the world that the new name announcement does not affect how it uses or shares data.

Facebook’s shares, which have been pummelled in recent weeks, were just 0.2% higher at $317 in after hours Nasdaq trading. They’ve fallen from highs of around $382 in the wake of a damning testimony from whistleblower Frances Haugen and another emerging in the form of Sophie Zhang, and also from an unprecended global outage that left the world without Facebook, Instagram, WhatsApp and Messenger for about six hours.