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| What is the reason for changing the name of Facebook? |
Facebook Inc. has announced the name change in the biggest crisis in the history of the organization. Facebook founder and chief executive officer (CEO) Mark Zuckerberg made the announcement on Thursday night.
According to Zuckerberg's announcement, the company will now operate under the name 'Meta' with all the services covered by Facebook.
However, although the corporate name of Facebook has been changed to 'Meta', the social app Facebook, Instagram and WhatsApp will remain under the same name.
Visual Capitalist, a Canadian-based online technology portal, explains why Facebook is going to change its corporate name.
A report titled 'Saying by Facebook: Why Companies Change Their Names', published in Visual Capitalist on October 26, states that one of the reasons for the name change is the brand's scandalous and negative impact. With which Zuckerberg himself is involved.
The report goes on to say that even before the recent turmoil and whistle-blowing scandal, Facebook was the least trusted technology company of the time. Mark Zuckerberg was once Silicon Valley's most acclaimed CEO. However, its impact has diminished since then.
According to the report, although it is easy to identify these negative issues with the name change of Facebook, there are some specific issues behind this change. For example, Facebook has acknowledged that privacy issues have jeopardized its primary source of income. In addition, the company's ad-driven model based on user data is increasingly under investigation every year.
Besides, there are some reasons behind the metaverse hype. Facebook first showed interest in its ambition in 2014. Oculus, the maker of virtual reality headsets, then took over. A large portion of the company's employees is already working to make the Metaverse concept a reality. At the same time, they have plans to hire 10,000 more workers in Europe in the next five years.
It remains to be seen whether Facebook's new policy will work, according to a report by Visual Capitalist. However, in the future, Facebook investors, including Zuckerberg, will keep a close eye on the media and public reaction to the new 'meta' name and how this change works. As such, the company's billions of dollars are now at risk.
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