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American social networking service, Facebook is set to change its name after coming under fire from regulators and lawmakers over its business practices.
The name change, which will be announced next week, focuses on the metaverse.
Early July, Facebook CEO Mark Zuckerberg, explained that metaverse is a digital world where people can move between different devices and communicate in a virtual environment.
Over time the Facebook group has invested heavily in virtual reality and augmented reality, developing hardware such as its Oculus VR headsets and working on AR glasses and wristband technologies.
According to reports from Google, the move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp.
The rebranding is part of efforts to overhaul Facebook’s reputation following a tsunami of bad news linked to misinformation on its platforms, content moderation failures and revelations about the negative effect its products have on some users’ mental health.
Frances Haugen, a whistleblower who used to work at Facebook as a product manager, testified earlier this month that the company is aware that its platforms are used to spread hate and misinformation but has failed to take action to prevent it.
Facebook, however pushed back against the claims, calling many of them “misleading” and arguing that its apps do more good than harm.
