No More FACEBOOK: Zuckerberg launches 'Meta'

On Thursday, Facebook's parent company was renamed "Meta"; as the internet giant strives toward its virtual reality vision for the future and to shift away from its controversy-plagued social media history.

The parent corporation of Facebook has been renamed 'Meta.' With the launch of Meta, Mark Zuckerberg took a step away from his role as CEO of Facebook for the first time in 17 years. Although Zuckerberg's role has not changed, his company's name has changed. As a result, on Thursday, Zuckerberg became the CEO and Chairman of Meta.

The company's new name refers to the 'Metaverse' that Zuckerberg sees as the future of the Internet. In an interview with The Verge, Zuckerberg said he had no plans to relinquish his top position, unlike when the founders of Google vacated when it became part of the holding company Alphabet in 2015.

Zuckerberg announced the new name, Meta, at the company's annual Connect conference. Negotiations related to this started six months ago. He said he had been thinking about rebranding the company since he bought Instagram and WhatsApp in 2012 and 2014, but he realized this was time to change the name earlier this year.

Meta logo replaced Facebook 'Like' symbol at company HQ

Photo Credit: The Verge

Zuckerberg has reportedly spent $10 billion on metaverse projects this year alone. "I think it’s helpful for people to have a relationship with a company that is different from the relationship with any specific one of the products, that can kind of supersede all of that." Zuckerberg said.

The company has been facing constant criticism over the past few days. Facebook is now the most scrutinized company in the world. And that brand name has become a draught among young people. Therefore, observers say, the new branding will help prevent the company's brand and Zuckerberg from being excluded from the name of Facebook.

The concept of the metaverse is not a new one. But, early this year, Zuckerberg used the name in a public venue. Snow Crash, a dystopian novel from the 1990s, inspired the concept. This novel is about people who entirely immerse themselves in a virtual world to escape the actual world where they fall. Metaverse is a utopian vision for Zuckerberg, who views it as a new universe of virtual products and services.

People will spend the next ten years on Meta's hardware and 3D Internet versions like Meta Quest, he predicts. At this moment, it is uncertain if Zuckerberg will succeed in this goal. However, there is no denying that this is a risky strategy.