Facebook has confirmed that they will be changing its name to ‘Meta’.
It was previously rumoured that Facebook will have a name change in order to better focus on the Metaverse – a term coined by the company to describe the virtual world in the future.
CEO Mark Zuckerberg said:
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started.”
Back in July, Facebook revealed that a team will be formed to build the metaverse, electing Andrew Bosworth, current head of Facebook’s hardware division to Chief Technology Officer next year.
Facebook said they will spend around $10 billion in research and development for metaverse technology.
“We believe the metaverse will be the successor to the mobile internet”, said Zuckerberg.
The company’s ticker/trading symbol will change from $FB to $MVRS from December 1.
Shares of Facebook rose around $3 per share after the announcement and currently trades at $324.