Facebook changes its name to Meta

Facebook has changed its corporate name to Meta as part of a major rebrand and said it would better “encompass” what it does, as it broadens its reach beyond social media into areas like virtual reality (VR).

The change does not apply to its individual platforms, such as Facebook, Instagram and Whatsapp, only the parent company that owns them.

The move follows a series of negative stories about Facebook, based on documents leaked by an ex-employee.

Frances Haugen has accused the company of putting “profits over safety”.

In 2015, Google restructured its company calling its parent firm Alphabet, however, the name has not caught on.

Facebook boss Mark Zuckerberg announced the new name as he unveiled plans to build a “metaverse” – an online world where people can game, work and communicate in a virtual environment, often using VR headsets.

He said the existing brand could not “possibly represent everything that we’re doing today, let alone in the future”, and needed to change.

Instead of being on a computer, people in a metaverse might use a headset to enter a virtual world connecting all sorts of digital environments.

It is hoped the virtual world could be used for practically anything from work, play and concerts, to socialising with friends and family.

Facebook said it intends to start trading its shares under the new stock ticker MVRS from 1 December.