WASHINGTON — Facebook is planning to soon announce a rebranding with a new name focused on "the metaverse," according to The Verge.
The tech publication reported Tuesday that the move stems from the company, which also owns Instagram and WhatsApp, wanting to be known for more than social media.
A company spokesperson told multiple media outlets that Facebook doesn't comment on speculation or rumor.
Facebook CEO Mark Zuckerberg plans to talk about the name change at the company's annual Connect conference on Oct. 28, but could unveil the rebranding sooner, The Verge reported.
According to the report, Facebook's name change would put its platforms all under one umbrella brand, similar to how Google is within the parent company Alphabet. The Verge cited "a source with direct knowledge of the matter."
The reported name change comes as Facebook is also contending with antitrust crackdowns, the congressional testimony of a whistleblower ex-employee and concerns about how it handles misinformation.
The metaverse essentially is a massive virtual world that can be accessed in real time by millions of people using avatars, who can use it to hold virtual meetings or buy virtual land and clothing or other digital assets, often paying with cryptocurrencies. The company said in a blog post Sunday that it was planning to hire 10,000 workers in the European Union to help build it.
Facebook executives have been touting the metaverse as the next big thing, though their track record is spotty on predicting future trends and it could raise questions about privacy and the social platform gaining more control in people’s lives.
The Associated Press contributed to this report.
