"From now on, we will be metaverse-first, not Facebook-first". - Mark Zuckerberg, commenting on the rebranding.

Announced at the Connect 2021 event on Thursday, Facebook is changing its corporate name to Meta as part of a rebranding effort to reflect its commitment to developing “the successor to the mobile internet.” Greek for “Beyond,” the word Meta embodies the company’s grand vision of building the metaverse, where people can work, play, and interact in virtual reality. The social network will still be called Facebook, while the parent company will change its name to Meta, similar to the change Google made with Alphabet. As part of the change, starting December 1st, Facebook Inc. will change its stock ticker from FB to MVRS.

Zoom In: In a Facebook post shared on Thursday, Mark Zuckerberg stated that the metaverse would not be created by one company and instead be built by creators and developers making new experiences and digital items that are interoperable to unlock a massively larger creative economy. “From now on, we will be metaverse-first, not Facebook-first,” he added. The company plans to invest over $10 billion and hire 10,000 employees in Europe this year to realize its metaverse vision.

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