According to a report published by The Verge Tuesday night, the rebrand is intended to reflect the company’s focus on building the metaverse and its ambition to be known for more than social media. The change will likely be discussed by CEO and founder Mark Zuckerberg at an annual company conference on Oct. 28.
The Facebook app itself would likely retain its name, but it would be positioned as one of many products owned under a rebranded parent company.
Facebook’s reputation has taken a significant hit in recent years. A rebrand could serve to separate new projects from the scrutiny the company is facing over the way it has operated and regulated, The Verge reported.
Earlier this month, a whistleblower testified before Congress that the social media giant was putting “profits before people” and knew that its products “harm children, stoke division, weaken our democracy.” Federal regulators have also accused the company of abusing a monopoly position in social media.
After The Verge broke the news about the imminent rebrand, Twitter users did what they do best and let the ridicule rip: