Social media platform Facebook is planning to rebrand the company with a new name that will focus on building 'the metaverse', reported an American technology website The Verge.
The 'metaverse' is a futuristic notion for connecting online that uses augmented and virtual reality, said Facebook in a blogpost.
According to the report, Facebook CEO Mark Zuckerberg plans to unveil the new name at the company’s annual connect conference on October 28.
With this change in name, the tech giant seeks to be known more than just a 'social media site'.
Zuckerberg told The Verge, in a report published in July, that "they will effectively transition from people seeing us as primarily being a social media company to being a metaverse company."
Earlier this week, Associated Press reported that Facebook plans to hire 10,000 workers in the European Union over the next five years to work on a new computing platform.
The rebranding comes at a time when Zuckerberg's Facebook is already facing a lot of criticisms in matters of privacy, hate speech and spread of misinformation.
Facebook mentioned that the hired high-skilled workers will help build 'the metaverse.'
Recently, a whistleblower leaked internal studies showing the company knew its sites could be harmful to young people's mental health.
(Inputs from The Verge, Associated Press)