By Thandie Chadzandiyani
Facebook on Thursday, October 28, 2021announced changing its company name to Meta.
The name change was announced at the Facebook Connect augmented and virtual reality conference.
The new name reflects the company’s growing ambitions beyond social media.
Facebook, now known as Meta, has adopted the new moniker, based on the sci-fi term metaverse, to describe its vision for working and playing in a virtual world.
“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,” Meta CEO Mark Zuckerberg said.
The company also said in announcing the new name that it will change its stock ticker from FB to MVRS, effective December 2021.
Meta’s stock price was up more than 3% on Thursday.“Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers,” Zuckerberg wrote in a letter on Thursday.