A person takes a selfie in front of a newly unveiled logo for “Meta”, the new name for Facebook’s parent company, outside Facebook headquarters in Menlo Park on October 28, 2021. – Facebook changed its parent company name to “Meta” on October 28 as the tech giant tries to move past being a scandal-plagued social network to its virtual reality vision for the future. (Photo by NOAH BERGER / AFP)
WASHINGTON — Facebook’s name change offers a convenient diversion as scandal plagues the platform, but the new handle is also key to the firm’s costly effort to save itself from very real threats, experts said.
Jokes and vitriol poured in after CEO Mark Zuckerberg unveiled the new corporate handle “Meta,” with critics blasting it as a transparent effort to distract from its whistleblower crisis.
But Zuckerberg argued the name demonstrates the company’s commitment to building its “metaverse,” a virtual reality version of the internet that would make online experiences — like chatting with a friend or attending a concert — feel face-to-face.
Making a success of the aspirational ambition though would help address real, long-term threats like an eroding youth user base, regulatory scrutiny and even the sway fellow giants like Apple hold over Facebook.
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“With this announcement, Mark Zuckerberg revealed his end game: He’s making a play to control the future of the internet,” said Evan Greer, director of digital advocacy group Fight for the Future.
Zuckerberg said the firm’s metaverse investment will take a $10 billion bite out of the company’s profit this year, and earlier this month Facebook announced plans to hire 10,000 people in the European Union over the next five years for the project.
