Facebook was fined $5bn by the US Federal Trade Commission in 2019 for “deceiving” users about its ability to keep personal information private, after a year-long investigation into the Cambridge Analytica data breach, where a UK analysis firm harvested millions of Facebook profiles of US voters. The company is fighting a number of regulatory and legislative battles, including an attempt by the US competition regulator to force a breakup of the business. John Pinette, VP Communications- Facebook Newsroom October 18, 2021 To those news organizations who would like to move beyond an orchestrated ‘gotcha’ campaign, we are ready to engage on the substance. However, the company’s shares have fallen below their September peak. In 2015, Google rebranded itself as Alphabet, reflecting its determination to break into new fields in tech such as self-driving cars.įacebook’s shares have performed strongly this year, up 25% since January, giving the company – which makes the overwhelming majority of its money from advertisers targeting its user base – a valuation of just under $1tn (£730bn). This week Facebook said it was creating 10,000 new jobs in the European Union as part of growth plans that include building a metaverse.įacebook’s rebranding move, if it goes ahead, is not without precedent.
Nick Clegg, Facebook’s vice-president of global affairs, has said he now takes his Monday morning meetings in the metaverse with a virtual table and whiteboard.įacebook says it has just under 2.8 billion daily users for its products but Zuckerberg is renowned for his focus on growth, which is driven by a fear that Facebook could be superseded by a digital upstart at any moment.
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Oculus products would be a key product in the metaverse, a loosely defined concept that involves people leading their social and professional lives and interacting with other people via VR headsets and through augmented reality, where a digital layer is placed on top of real life, as in the popular Pokémon Go game.įacebook is developing a social virtual reality platform called Horizon Worlds as well as a virtual-reality meeting service called Horizon Workrooms. The Verge reported that the rebranding announcement could take place at the company’s annual product conference, Connect, on 28 October, when more details about the metaverse are set to be unveiled.
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A former employee, Frances Haugen, has leaked tens of thousands of documents and gave damning testimony to US senators this month in which she said Facebook put “astronomical profits before people”.Īccording to the Verge, VR is the driver of the mooted name change as the company focuses on building a “metaverse” as the cornerstone of a new growth strategy. In a statement, Facebook said it “doesn’t comment on rumour or speculation”.įacebook is reportedly pondering the rebrand against the backdrop of its worst PR crisis since the Cambridge Analytica scandal three years ago. Zuckerberg launched his company as TheFacebook 17 years ago. The Verge reported that the new name for the holding company could be linked to Horizon, a word used in at least two virtual reality products that the company is developing.
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