Social media giant Facebook Inc (FB.O) is planning to rebrand itself with a new name next week.
Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference on Oct. 28, but it could be unveiled sooner, according to reports.
In response, Facebook said it does not comment on “rumor or speculation.”
The disclosure comes at a time when the company’s business operations are being scrutinized by the US authorities. Facebook has been chastised by lawmakers from both parties, illustrating Congress’s growing dissatisfaction with the firm.
The rebranding would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the report added.
It’s not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.
Google established Alphabet Inc (GOOGL.O) as a holding company in 2015 to expand beyond its search and advertising businesses, to oversee various other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.
The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.
Since July, Zuckerberg has been promoting the metaverse, which was first conceived in a dystopian novel three decades ago and has since been mentioned by other tech companies such as Microsoft.
The report said a possible name for the company could have something to do with Horizon. Recently, Facebook renamed its in-development VR gaming platform named ‘Horizon,’ to ‘Horizon Worlds’.
