On October 28th, Facebook CEO Mark Zuckerberg revealed at his company’s Connect event that its new name will be Meta. CEO Zuckerberg stated “We are a company that builds technology to connect. Together, we can finally put people at the center of our technology, and together, we can unlock a massively bigger creator economy.”

He added, “To reflect who we are and what we hope to build.” He also stated that the name Facebook doesn’t fully embrace everything the company does now and is still closely linked to one product. “But over time, I hope we are seen as a metaverse company.”

CEO Zuckerberg owns the Twitter handle meta and meta.com, which now reorients to a welcome page on Facebook outlining the changes. On Thursday, the group says it’s sunsetting Meta.org on March 31st, 2022.

Rebranding is part of the company’s attempt to shift gears away from just being known as a social media company and focus on the CEO’s plans for building the metaverse which is the name for a shared online 3D virtual space that several companies are interested in creating as a sort of future version of the internet.

Though in July, Zuckerberg told The Verge, “over the next several years, Facebook would be effectively transitioning from people seeing them as primarily being a social media company to being a metaverse company.”, with reference to the company’s work to “move beyond what’s possible today”.

It is also expected that over time the company will take the spotlight from Facebook as the company claims that over time people won’t need Facebook accounts to access other services.

Also, CEO Zuckerberg stated that the company’s corporate structure would not be changing, but how it reports financial results will.

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