Report: Facebook to change its name to overhaul reputation

Silicon Valley (QNN)- Following heavy criticism, Facebook is planning to rebrand itself with a new name focused on the metaverse, reported the Verge on Tuesday.

The tech giant has been under fire from regulators and activists around the world over its business practices.

The name change will be announced next week, The Verge reported, citing a source with direct knowledge of the matter.

Facebook CEO Mark Zuckerberg has been talking up the metaverse, a digital world where people can move between different devices and communicate in a virtual environment, since July, and the group has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.

Facebook (FB) does not comment on rumor or speculation, a company spokesperson said in response to a question about the potential name change.

Facebook announced earlier this week that it would hire 10,000 people in Europe to work on creating the metaverse.

A rebranding could be part of an effort to overhaul Facebook’s reputation following heavy criticism linked to misinformation on its platforms, content moderation failures, targeting of the Palestinian content and revelations about the negative effect its products have on some users’ mental health.

Frances Haugen, a whistleblower who used to work at Facebook as a product manager, testified earlier this month that the company is aware that its platforms are used to spread hate and misinformation but has failed to take action to prevent it. Facebook’s leaders have come under fire for choosing profit over health, and lawmakers have drawn comparisons to Big Tobacco.