Facebook Inc. is changing its entire brand to include a more futuristic proponent that focuses on a virtual reality environment. CEO of the social media network Mark Zuckerberg has what he calls a “metaverse” plan in which users will be able to access the capabilities of the platform within a virtual reality environment that will require multi-dimensional glasses, headsets, and other VR-related technologies.
Another change the billion dollar corporation will undergo is the adoption of new ticker symbol “MVRS” starting Dec. 1. While these changes take place, the social media apps under the Facebook Inc. brand, such as the Facebook app, Instagram, Messenger, and WhatsApp, will remain the same.
Critics of Facebook Inc. speculate that the rebranding is a response to the latest revelations from whistleblower Frances Haugen, who claimed that Facebook knowingly allowed its algorithms to promote content harmful to society. This, along with “The Facebook Papers”, a consortium of news outlets that worked together to access Facebook’s internal company documents in an attempt to expose its practices, have created a negative public image for Facebook Inc.
“Changing their name doesn’t change reality: Facebook is destroying our democracy and is the world’s leading peddler of disinformation and hate,” said watchdog group The Real Facebook Oversight Board in a statement. “Their meaningless name change should not distract from the investigation, regulation and real, independent oversight needed to hold Facebook accountable.”
