Facebook plans new group name to revamp image

San Francisco, October 20

Facebook Inc., under fire from regulators and lawmakers over its business practices, is planning to rebrand itself with a new group name that focuses on the metaverse, the Verge reported on Tuesday. The name change will be announced next week, The Verge reported, citing a source with direct knowledge of the matter.

Facebook CEO Mark Zuckerberg has been talking up the metaverse, a digital world where people can move between different devices and communicate in a virtual environment, since July, and the group has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.

The move would likely position the flagship app as one of the many products under a parent company overseeing brands such as Instagram and WhatsApp, according to the report. Google adopted such a structure when it reorganised into a holding company called Alphabet in 2015.

Facebook said it does not comment on “rumour or speculation.” — Reuters

Rebranding to focus on metaverse

• Facebook Chief Executive Officer Mark Zuckerberghas been talking up the metaverse, a digital world where people can move between different devices and communicate in a virtual environment
• The move would likely position the flagship app as one of the many products under a parent company overseeing brands such as Instagram and WhatsApp

UK imposes $69m fine

London: Britain’s competition watchdog fined Facebook $69.4 million on Wednesday for violating rules during the UK investigation into the social media giant’s purchase of Giphy. AP