Social media giant Facebook is planning to rename the company with a new name next week, reports Verge, citing a source who has direct knowledge of the matter.
Facebook CEO Mark Zuckerberg plans to talk about the name change at the company's annual conference on October 28, but it could be revealed sooner, the Verge report said.
The change in company is likely to position the social networking app as one of the many products of a parent company, which will also oversee apps like Instagram, WhatsApp, Oculus and more, the report adds.
A Facebook spokesman told the Guardian that the company "does not comment on rumors or speculation".
Speculation about the name change comes at a time when Facebook is facing criticism , especially for putting "astronomical profits" in front of people and ignoring reports on social media risk for teens.
Name change can be related to rebranding - the process of changing a brand name, images, symbols and / or design to create a new identity. Facebook has previously announced that it will create several products specifically to work on metaverse- related projects (a version of virtual reality).
In the coming years, Facebook expects people to no longer see it as a social networking company, but as a meta-company. Most likely, the name change will be related exactly to the company plans for these products and services.
