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Facebook Becomes Meta, New Stock Ticker “MVRS” from 1 December

London, Thursday, 28 October 2021-

Facebook Inc announced it’s rebranding as Meta in an attempt to offer the “metaverse” experience to its users, meaning that a shared virtual environment, which can be accessed by users using different devices, is to be expected.

The move comes amid heavy criticisms from lawmakers and regulators over its algorithmic decisions, the protection of its users from abuses and its overall power in the market.

On a Facebook announcement, CEO Mark Zuckerberg stated:

“We are at the beginning of the next chapter for the internet, and it's the next chapter for our company too.

In recent decades, technology has given people the power to connect and express ourselves more naturally. When I started Facebook, we mostly typed text on websites. When we got phones with cameras, the internet became more visual and mobile. As connections got faster, video became a richer way to share experiences. We've gone from desktop to web to mobile; from text to photos to video. But this isn't the end of the line.

The next platform will be even more immersive -- an embodied internet where you're in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build. The defining quality of the metaverse will be a feeling of presence -- like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this”.

"Right now, our brand is so tightly linked to one product that it can't possibly represent everything that we're doing today, let alone in the future," he added during a live-streamed virtual and augmented reality conference.

On the technological side, Facebook said that all its apps and technologies will merge under one new brand, on the management side though, the tech giant said its corporate structure will remain unchanged.

Zuckerberg also announced Messenger calling is coming to VR, plans to operate a virtual marketplace where developers can sell virtual goods and a new home screen in Oculus Quest to make chatting and games in the virtual world more social.

"Your devices won't be the focal point of your attention anymore," he stated. "We're starting to see a lot of these technologies coming together in the next five or 10 years. A lot of this is going to be mainstream and a lot of us will be creating and inhabiting worlds that are just as detailed and convincing as this one, on a daily basis."

The company introduced its new logo at its headquarters in Menlo Park, California, on Thursday; the thumbs-up “like” logo will be replaced by a blue infinity shape.

Zuckerberg said the new name implies that in due course, using Facebook will not be necessary in order to use the company’s other services.

Finally, the company stated that it will start trading under its new stock ticker, MVRS, on 1 December 2021.

(Written and edited by: The Decision Maker)


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