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Facebook's Name Change and What It Says About Metaverse Plans

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Facebook  (FB) - Get Meta Platforms Inc. Class A Report CEO Mark Zuckerberg announced the company's new name and future direction at the 'Connect' conference on October 28.

Facebook has signaled that it is changing its focus to embrace the building and development of the metaverse so the name is emblematic of the new direction.

The company has begun building out dedicated metaverse teams in Europe and here in the U.S.

The rebranding will encompass Facebook, Instagram, WhatsApp, and Oculus under a parent company, similar to Google's rebrand under Alphabet  (GOOGL) - Get Alphabet Inc. Class A Report.

Mark Zuckerberg recently said in an interview with The Verge, "The metaverse is “going to be a big focus, and I think that this is just going to be a big part of the next chapter for the way that the internet evolves after the mobile internet. And I think it’s going to be the next big chapter for our company too, really doubling down in this area.”

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