Benzinga | Oct 19, 2021 11:58PM EDT

Facebook Plans To Rebrand Itself With New Name As Early As This Month: Report

Facebook Inc (NASDAQ:FB) is planning a rebrand, which could be announced as early as Oct. 28, The Verge reported Tuesday.

What Happened: The company's new name would be centered around its focus on building the metaverse, people familiar with the matter told the Verge.

Facebook CEO Mark Zuckerberg is reportedly likely to talk about the name change at the Connect conference slated for Oct. 28, but the change could be unveiled earlier.

The new brand would position Facebook's flagship social media platform along with other products like Instagram, WhatsApp, and Oculus under a parent company, as per the Verge.

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Facebook declined to comment on the name change story to the Verge.

Alex Heath of the Verge noted that the new Facebook brand name is a "closely-guarded secret" and the name is a secret even to its full senior leadership.

"A possible name could have something to do with Horizon, the name of the still-unreleased VR version of Facebook-meets-Roblox that the company has been developing for the past few years," wrote Heath.

Why It Matters: A rebrand would serve to disassociate Facebook's futuristic plans from the scrutiny the company's social networks are facing currently, as per the Verge.

In July, Zuckerberg told employees that the company would put new emphasis on growing the metaverse. The term represents a meeting of the physical world with augmented and virtual reality.

This week, it was reported that Facebook plans to create 10,000 jobs in the European Union centered around the metaverse.

Price Action: On Tuesday, Facebook shares closed nearly 1.4% higher at $339.99 in the regular session.

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