Facebook announces name change as part of company rebrand

As the company deals with the fallout from a number of scandals, it is also making moves to make itself known for more than just social media.

Facebook is set to change its name. Picture: Olivier Douliery / AFP

Facebook could unveil a new name next week as it makes a move to be known for more than just social media.

An insider with knowledge on the change said the company wants the name to reflect its work building a metaverse, reported The Verge, which is an online world where people can game, work and communicate in a virtual environment, often using virtual reality headset.

CEO Mark Zuckerberg could announce the closely-guarded secret at the social media giants annual conference on October 28, if not earlier, with the rebrand expected to set up Facebook as just one of its product offerings.

Facebook might not be known as Facebook for much logner. Picture: Olivier Douliery / AFP

Earlier this week, Facebook announced it was planning to hire 10,000 people from the European Union to develop its metaverse.

“The ‘metaverse’ is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you,” Facebook said in a blog post.

“You’ll be able to hang out with friends, work, play, learn, shop, create and more. It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful,”

But the tech company warned it wouldn’t be built overnight and could take up to 15 years.

It has promised a collaborative approach and said it was investing $US50m ($A66.8m) in funding non-profit groups to help build the metaverse responsibly.

Facebook founder Mark Zuckerberg. Picture: Mandel Ngan / AFP

Facebook employees are already working on augmented reality glasses, which the company is banking on becoming as popular as smartphones.

The rebrand comes as Facebook deals with a fresh scandal as a result of an ex-employee whistleblower going public, accusing the social media giant of fuelling division and harming children, while calling for the platform to be urgently regulated.

Former Facebook employee and whistleblower Frances Haugen testifies before a Senate Committee. Picture: Jim Watson / AFP

Ex-employee Frances Haugen, leaked documents to the Wall Street Journal and testified to the US lawmakers, resulting in one of Facebook’s most serious crises yet, and prompting a denial from Mr Zuckerberg. He said in a post on his account that Ms Haugen’s claim the company prioritises profit over safety was “just not true.”

“I believe that Facebook’s products harm children, stoke division and weaken our democracy,” Ms Haugen told a US Senate panel earlier this month.

The Verge speculated Facebook’s new name could link back to Horizon, an unreleased version of Facebook and online gaming platform Robolex, that has been in development for a number of years.