Facebook changes its company name to Meta, here's why

As hinted earlier, Facebook has now changed the name of the company to Meta.

Facebook Inc said on Thursday it would rebrand as Meta, a name change that comes as the company battles criticisms from lawmakers and regulators over its market power, its algorithmic decisions and the policing of abuses on its platforms.

CEO Mark Zuckerberg, speaking at the company`s live-streamed virtual and augmented reality conference, said the new name reflected its focus on building the metaverse.

"Right now, our brand is so tightly linked to one product that it can`t possibly represent everything that we`re doing today, let alone in the future," he said.

The tech giant said the change would bring together its different apps and technologies under one new brand. It said it would not change its corporate structure.

The metaverse, a term first coined in a dystopian novel three decades ago and now attracting buzz in Silicon Valley, refers broadly to the idea of a shared virtual environment which can be accessed by people using different devices. Also Read: Aadhaar Card Update: Check how many times you can change name, birth date, gender

The company unveiled a new sign at its headquarters in Menlo Park, California, on Thursday, replacing its thumbs-up "Like" logo with a blue infinity shape. Also Read: Shiba Inu coin price jumps to another record high, muscles into top 10 cryptocurrencies by market cap