The change would bring together its different apps and technologies under one new brand
The new name won’t affect how the company uses or shares data, and the corporate structure isn’t changing. The company said its stock will start trading under a new ticker, MVRS, on Dec. 1.
Right now, our brand is so tightly linked with one product that can’t possibly represent everything we’re doing todayAdoption of virtual reality gadgets — like Meta’s Oculus headset — has so far been minimal and their use mostly relegated to games and other niche applications. While achieving the broader vision of the metaverse is still years away, at Thursday’s event Meta announced a handful of product updates meant to advance that goal.
Meta may have other reasons to make changes to its corporate identity. Leaning harder into the metaverse lets the company appear to be diversifying its business at a time when it’s facing new pressures in the social media market. Younger rivals such as ByteDance Ltd.’s TikTok are gaining traction among the under-25 age cohort, and Zuckerberg said on Monday he is retooling Meta to focus on attracting young adults again.
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