Kazeem Razaq @krazaq / 10.00 AM EDT. November 11, 2021.
Facebook has changed it's name to Meta, which was announced to the public on October 29th, 2021.
At the Facebook Connect augmented and virtual reality conference, the name change was announced. The company's expanding goals beyond social media is reflected in the new name. Facebook's new moniker, Meta, is based on the sci-fi phrase metaverse, and it describes the company's ambition for working and playing in a virtual world.
CEO Mark Zuckerberg said the new name reflected the company's work investing in the metaverse, rather than its original social media site, which will continue to be called Facebook, during a live-streamed virtual and augmented reality conference.
"Today, we are known as a social media giant, but our DNA is an organization that produces technology to link people, and the metaverse is the next frontier, just as social networking was when we first started," Meta CEO Mark Zuckerberg stated.
The name change comes as Facebook faces criticism from lawmakers and authorities over its market power, algorithmic judgments, and monitoring of abuses on its platform.