BREAKING NEWS

Sen. JD Vance being formally announced as VP pick at RNC. LIVE coverage on News 12 and News 12 New York

In the middle of a crisis, Facebook Inc. renames itself Meta

Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future, what Zuckerberg calls the “metaverse.”

Associated Press

Oct 28, 2021, 6:41 PM

Updated 991 days ago

Share:

An embattled Facebook Inc. is changing its name to Meta Platforms Inc., or Meta for short, to reflect what CEO Mark Zuckerberg says is its commitment to developing the new surround-yourself technology known as the “metaverse.” But the social network itself will still be called Facebook.
Skeptics immediately accused the company Thursday of trying to change the subject from the Facebook Papers, the trove of leaked documents that have plunged it into the biggest crisis since it was founded in Zuckerberg's Harvard dorm room 17 years ago. The documents portray Facebook as putting profits ahead of ridding its platform of hate, political strife and misinformation around the world.
Marketing consultant Laura Ries likened the move to BP rebranding itself to “Beyond Petroleum” to escape criticism that the oil giant harmed the environment.
“Facebook is the world’s social media platform and they are being accused of creating something that is harmful to people and society,” she said. “They can’t walk away from the social network with a new corporate name and talk of a future metaverse.”
Facebook the app, where users post personal updates and register likes, is not changing its name. Nor are Instagram, WhatsApp and Messenger. The company’s corporate structure also won’t change. But on Dec. 1, its stock will start trading under a new ticker symbol, MVRS.
The metaverse is sort of the internet brought to life, or at least rendered in 3D. Zuckerberg has described it as a “virtual environment” you can go inside of, instead of just looking at on a screen. People can meet, work and play, using virtual reality headsets, augmented reality glasses, smartphone apps or other devices.
It also will incorporate other aspects of online life such as shopping and social media, according to Victoria Petrock, an analyst who follows emerging technologies.
Other tech companies such as Microsoft, chipmaker Nvidia and Fortnite maker Epic Games have all been outlining their own visions of how the metaverse will work.
Zuckerberg said that he expects the metaverse to reach a billion people within the next decade and that he hopes the new technology will creates millions of jobs for creators.
The announcement comes amid heightened legislative and regulatory scrutiny of Facebook in many parts of the world because of the Facebook Papers. A corporate rebranding isn't likely to solve the myriad problems revealed by the internal documents.
Zuckerberg, for his part, has largely dismissed the furor triggered by the Facebook Papers as unfair.
Some of Facebook’s biggest critics seemed unimpressed by the name change. The Real Facebook Oversight Board, a watchdog group focused on the company, announced that it will keep its name.
“Changing their name doesn’t change reality: Facebook is destroying our democracy and is the world’s leading peddler of disinformation and hate," the group said in a statement. "Their meaningless name change should not distract from the investigation, regulation and real, independent oversight needed to hold Facebook accountable.”
In explaining the rebrand, Zuckerberg said the name Facebook doesn't encompass everything the company does anymore. In addition to its social network, that now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform and more.
“Today we are seen as a social media company,” Zuckerberg said. “But in our DNA we are a company that builds technology to connect people.”


More from News 12
2:28
Long Islanders brace for major heat with feels-like temperatures near 100 degrees

Long Islanders brace for major heat with feels-like temperatures near 100 degrees

2:20
HEAT ALERT: Feels-like temperatures near 100 on Long Island; tracking thunderstorms and showers

HEAT ALERT: Feels-like temperatures near 100 on Long Island; tracking thunderstorms and showers

7:10
Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

Trump picks Sen. JD Vance of Ohio, a once-fierce critic turned loyal ally, as his GOP running mate

NY AG, NYCLU sue Nassau County over controversial law on transgender athletes

NY AG, NYCLU sue Nassau County over controversial law on transgender athletes

0:23
Blakeman signs bill banning transgender athletes from female sports teams at Nassau County facilities

Blakeman signs bill banning transgender athletes from female sports teams at Nassau County facilities

0:26
Christopher Carini, Hempstead councilman and veteran law enforcement officer, has died

Christopher Carini, Hempstead councilman and veteran law enforcement officer, has died

0:23
Suspect in DWI crash that killed 2 Roslyn teens returns to court

Suspect in DWI crash that killed 2 Roslyn teens returns to court

0:26
Cooling centers open in Hempstead and Riverhead amid excessive heat

Cooling centers open in Hempstead and Riverhead amid excessive heat

2:07
Dr. Sanjey Gupta offers health tips amid dangerous heat conditions

Dr. Sanjey Gupta offers health tips amid dangerous heat conditions

3:40
Long Island officials reflect on Trump assassination attempt and security concerns for future public events

Long Island officials reflect on Trump assassination attempt and security concerns for future public events

3:30
Trump heads to convention as authorities investigate motive, security in assassination attempt

Trump heads to convention as authorities investigate motive, security in assassination attempt

0:17
Police: Suspect wanted for fleeing scene of crash in Shirley

Police: Suspect wanted for fleeing scene of crash in Shirley

0:28
Police: 3 people injured following wrong-way crash in West Islip

Police: 3 people injured following wrong-way crash in West Islip

5:30
In prime-time address, Biden warns of election-year rhetoric, saying ‘it’s time to cool it down’

In prime-time address, Biden warns of election-year rhetoric, saying ‘it’s time to cool it down’

0:20
Suffolk police: Man drowned at Smith Point County Park in Shirley

Suffolk police: Man drowned at Smith Point County Park in Shirley

1:37
Family rallies for harsher penalties for drivers under the influence of marijuana following fatal incident

Family rallies for harsher penalties for drivers under the influence of marijuana following fatal incident

1:54
Reps. Lawler, Torres to introduce bill enhancing Secret Service protection for presidential candidates

Reps. Lawler, Torres to introduce bill enhancing Secret Service protection for presidential candidates

2:04
Nassau County heightens safety precautions for public events following Trump rally shooting

Nassau County heightens safety precautions for public events following Trump rally shooting

2:37
Security increased at Trump Tower following rally shooting

Security increased at Trump Tower following rally shooting

2:07
A look back at US political violence that changed history

A look back at US political violence that changed history