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Deepti Sri · · 1 min readFacebook to create Alphabet-like parent firm
“Facebook is planning to change its company name next week to reflect its focus on building the metaverse,” The Verge reported, citing a source with direct knowledge of the matter.
Details:
- Facebook’s name change, which could be unveiled at its annual Connect conference on October 28 (though it could be revealed sooner), attempts to underscore the firm’s goal to be known for more than just social media.
- The fresh name could position Facebook as one of many units under a parent firm that would encompass companies like WhatsApp, Instagram, and Oculus, among others.
Dive deeper:
- Facebook has had a rough month after a whistleblower turned over documents to the Wall Street Journal for an exposé that revealed to politicians in Washington that the social media company puts “astronomical profits” before people. The firm also faced an outage that took down all its apps including WhatsApp and Instagram temporarily.
- This isn’t the first time a tech firm has changed its name. In 2015, Google reorganized itself under parent firm Alphabet to signal that it was more than just a search engine.
Editing by Collin Furtado and Jaclyn Tiu
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