Social media giant Facebook is planning for a rebrand next week for them to focus on building the metaverse, stated by a source with direct knowledge of the matter to The Verge.

Facebook Chief Executive Officer Mark Zuckerberg will be talking about the company’s change of name on October 28, just in time for the company’s annual Connect conference, however, this could reveal sooner, The Verge reported.

“The rebrand would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more,” The Verge wrote.

According to the tech publication, Facebook wants to be known more than social media. The rebranding could be part of the platform’s reputation after a series of content moderation failures and bad news came its way.

As of writing, Facebook hasn’t released any statement on the matter.

Last July, Zuckerberg told The Verge that the company will transition from being a social media company to a metaverse company.

The metaverse is “going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet,” Zuckerberg added during his interview with The Verge.

This is not the first time that a major company changes its name. In fact, other brands like Kentucky Fried Chicken shortened its name to KFC, Snapchat to Snap Inc., Elance-oDesk to Upwork, McAfee to intel Security and more. These changes have even seen more progress than the actual name they’ve first established.

Source: https://www.theverge.com/2021/10/19/22735612/facebook-change-company-name-metaverse