20.10.2021 20:56:18 - dpa-AFX: Facebook Reportedly Planning To Rename

WASHINGTON (dpa-AFX) - Social media kingpin Facebook Inc (FB) is planning to
change its name to reflect the company ambitions, according to a source acquired
by The Verge. The report says that the announcement could be made as early as
the company's Connect conference to be held on October 28.

Facebook, in this matter, is walking closely on the heels of global
search-engine giant Google, which announced a separate holding company named
Alphabet, Inc (GOOGL) in 2015. The chief motive was to rebrand the company as a
tech conglomerate rather than just a search-engine company that the world knew
it as.

The name-change would make Facebook, the social media platform, just another
subsidiary of the company, just like Instagram, WhatsApp, and Oculus. Facebook
CEO Mark Zuckerberg said to The Verge in July, 'We will effectively transition
from people seeing us as primarily being a social media company to being a
metaverse company.'
Facebook is planning to create 10,000 new high-skilled jobs within the European
Union over the next five years to help build the metaverse, a new concept of a
digital world. It is based on the idea that by creating a greater sense of
'virtual presence,' interacting online can become much closer to the experience
of interacting in person.

In a blog post, the company stated that the metaverse has the potential to help
unlock access to new creative, social, and economic opportunities. According to
the social network giant, no one company will own and operate the metaverse and
its key feature will be its openness and interoperability like the internet.

Facebook said Europeans will be shaping metaverse right from the start. The
company reportedly is planning to hire from Germany, France, Italy, Spain,
Poland, the Netherlands, and Ireland.

This news came in the middle of a controversial span of time when Facebook is
under strict government scrutiny on multiple fronts. Just on Wednesday, the
District of Columbia Attorney General Karl Racine listed CEO Mark Zuckerberg's
name as a defendant of the lawsuit for the first time in the Cambridge Analytica

By creating a holding company, Facebook will be able to distract itself from all
the negativity it is having to face. It might help to separate the company from
the owning body and therefore, attempt to whitewash the leaders. The company has
not confirmed or denied the matter.

Copyright RTT News/dpa-AFX
Name WKN Börse Kurs Datum/Zeit Diff. Diff. % Geld Brief Erster Schluss
META PLATF. A DL-,000006 A1JWVX Xetra 267,500 27.01.22 15:27:10 +0,200 +0,07% 267,150 267,450 261,050 267,300

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