Founder’s Letter 2021

Facebook said Thursday it’s changing its corporate name to Meta.

From now on, we’ll be metaverse first, not Facebook first.

CEO Mark Zuckerberg said during the company’s Oculus Connect event.

Over time, you won’t need to use Facebook to use our other services.

The company will begin trading under the new stock ticker MVRS on Dec. 1, Facebook said in a press release.

 

Facebook rebrands parent company with new name – Meta

The announcement included a new logo displaying a blue infinity sign and refers to the ‘metaverse’, the company’s new emphasis to extend beyond its social networking platforms.

 

meta logo

 

The term ‘metaverse’ can apply to virtual or augmented reality-enhanced digital spaces.

Our mission remains the same, it’s still about bringing people together

Now we have a new North Star to help bring the metaverse to life.

He went on to say that the word in Greek means “beyond,” and that it represents the fact that there is “always more to build” and “‘always a next chapter in the story.”

I believe the metaverse is the next chapter of the Internet and it’s the next chapter of our company too.

While most etch companies focus on how people could connect to technology, we focus on building technology so people could connect with each other.


Video courtesy of Facebook
 

Zuckerberg has already stated that the metaverse is the company’s future, and has been promoting it since July.
The corporation has put a lot of money into virtual reality and augmented reality, creating devices like the Oculus VR headsets and working on AR glasses and wristbands.

The buzzy word, which was first used in a dystopian novel three decades ago, is popular in Silicon Valley and has been used by companies like Microsoft. The move is reminiscent of Google’s 2015 rebranding as Alphabet, which turned the company into a subsidiary and allowed it to become a technology conglomerate.

What will happen to Facebook’s other products?

Under the new brand name, Facebook’s main social app, as well as the company’s other products, such as Horizon and WhatsApp, will remain.

Despite speculations that the firm might undergo a substantial corporate overhaul akin to Alphabet and Google, Facebook stated that its “corporate structure would not change.”

The company’s financial reporting will now be split into two segments: Reality Labs and Family of Apps.

Meta’s Scandals Over the Years

After leaked documents revealed the company’s controversial business practices, Facebook has had a rough few weeks. It has increasingly emphasized its mission into the metaverse, which has served as a welcome distraction for the company.

Experts say, the focus on the metaverse is a “smart” marketing move. But the corporation isn’t immune to the issues that have sparked so massive outcry. And even the name change itself isn’t enough to save it from public criticism.

Tech Reviews - Mark Zuckerberg - Tech News

This brand perception is important for Facebook, which hopes to draw a billion people into the metaverse. The company is experiencing a trust crisis. People don’t agree with Facebook’s policies, don’t trust the network to protect personal data, and try to use the platform less in light of various controversies.

Mark Zuckerberg is disliked by many people. After Zuckerberg’s decision not to block Donald Trump, activists called on advertisers to boycott the firm last summer.

The so-called Facebook Papers have further added to the perception that Facebook’s own workers have lost faith in the company’s capacity to make good decisions or prioritize users’ safety on its platforms. None of these issues can be solved simply by changing the company’s name.

Despite the fact that billions of people still use Facebook’s services, the company’s brand is tainted with negative connotations.

This is a developing story.

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