"This is not an investment that is going to be profitable for us any time in the near future," Mr Zuckerberg told analysts. Mr Zuckerberg said the metaverse would be a place where people could interact, work and create, and expects it to reach a billion people within the next decades.Īnd while he doesn't expect to make any money off it in the short-term, the tech mogul is throwing his weight behind the idea. Movies like The Matrix, Ready Player One and Tron explore the concept, and it is often depicted as a corrupt system to which people living in a dystopian society escape to (sounds like fun right?). The metaverse is a virtual world you can plug yourself into and do - in theory - almost anything. The documents, leaked by a former Facebook employee, revealed how Facebook ignored or downplayed internal warnings about the negative and often harmful consequences its social network algorithms created or magnified across the world. It has also invested in other technologies including digital wallet Novi, video-calling device Portal and virtual reality system Oculus.Ī big part of the rebrand is also to focus Meta on bringing the "metaverse" to life.īut sceptics have suggested this is just an attempt to move attention away from the so-called Facebook papers. Since Facebook launched in 2004, the company has purchased social media apps Instagram and WhatsApp.
The name change is to bring the company's "apps and technologies under one new company brand", it said in a statement. It has also adopted a new logo (is it just us or does that look familiar…). The Facebook company has changed its name to Meta, but the social networking app Facebook will keep its name. Here's what we know about Facebook going Meta. The rebranding is part of the global company's big plan to develop a virtual world but critics say its an attempt to shift focus from recent controversies. Shares of EMS Ltd list at 33.Mark Zuckerberg has announced his company is ditching the name Facebook.
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(AP Photo/Eric Risberg)īut this sounds a lot like science fiction? Is this going to be real in the next few years? Facebook CEO Mark Zuckerberg announces their new name, Meta, during a virtual event on Thursday, Oct.
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