The company is positioning the name as more reflective of its future ambitions to evolve from social network to metaverse company. The company is also changing its stock ticker from FB to MVRS beginning in December. In a new statement it added that its"corporate structure" won't be changing. Facebook previously said it plans to separate Facebook Reality Labs, its AR and VR group, from the rest of the company when reporting its financial performance. The restructuring bears some similarities to when Google restructured itself into Alphabet, the holding company that now operates Google, along with its “other bets” like DeepMind and Nest. Under its new arrangement, Facebook and its “family of apps” will be a division of the larger Meta company, which will still be led by Zuckerberg. Zuckerberg announced the new name during a virtual (meta-virtual?) keynote for the company’s Connect event. "From now on, we're going to be metaverse-first, not Facebook first." "Our brand is so tightly linked to one product that it can't possibly represent everything that we're doing today, let alone in the future," Zuckerberg said. is changing the name in order to distinguish its beleaguered social network, which has an increasingly poor reputation around the globe, from the company that is pinning its future on the promise of a “metaverse.” Facebook, the social network, will no longer define the future of Facebook, the company that will now be known as Meta.
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