Facebook founder Mark Zuckerberg announced Thursday the change in the corporate name to "Meta," to highlight its " metaverse " vision. It will still be called the flagship social network.
"From now on, we will be Metaverse first," Zuckerberg stated during a keynote speech at the annual developer's conference. "I hope people get to know the Meta brand, and the future we represent."
Zuckerberg stated that the future of the company will be focused on creating virtual reality products that connect users via a different medium. In the next decade, he predicted that the Metaverse will have one billion users.
The metaverse is described by the company as a virtual three-dimensional space in which users can create avatars representing themselves. Zuckerberg stated that the virtual reality world will enable users to watch movies, participate in concerts, play video games and meet up with friends from any location.
Facebook CEO Mark Zuckerberg is seen on the screen of a device located in Sausalito (Calif.) during the keynote address at a virtual event that took place on Thursday, October 28, 2021. Zuckerberg spoke about his new passion, creating a virtual reality metaverse for entertainment, business and meaningful social interactions. ERIC RISBERG / AP
Zuckerberg called Facebook, which was launched in his college dorm rooms in 2004, "an iconic social network company," but noted that it no longer encompasses all the company's activities.
Zuckerberg stated, "Right now our brand is so closely linked to one product it cannot possibly represent all that we're doing right now let alone the future."
Effective December 1, the company will also change its stock ticker to "MVRS" from "FB".
Zuckerberg stated to Gayle King , CBS Mornings' anchor, that the metaverse was "the next generation" of the internet in August.
He said that instead of an internet we view on our computers or our phones, it is an internet we are part of or can be inside.
Although the metaverse is still years away, Zuckerberg stated that it will require technological advances and "new forms" of governance.
The company is being criticized for not providing users with adequate protections on its social media apps. Frances Haugen, a former employee of Facebook, publicly disclosed her concerns after she leaked thousands of documents showing company executives knew that the platform was spreading misinformation over the years but failed to do enough to stop it.
She accused Facebook of placing profits above people in testimony before a Congress committee. Facebook denied these accusations.
Zuckerberg stated Thursday that the Metaverse must have privacy and safety controls from day one.
Zuckerberg stated that you will decide when you want other people to see you, when you want them to stay out of your space, or when you want a break to teleport to a private area to be alone.
Nick Clegg, vice president for global affairs at the company, also made a brief appearance during the keynote speech. Clegg stated that in the past, the rapid pace of technology advancement often leaves regulators and lawmakers playing catch-up.
Clegg stated that companies are accused of moving too fast, while tech people feel they can't afford slow regulation. Clegg said that it was possible that things could change this time, "because we still have many years before the metaverse we envision is realized."
