Popular social media platform Facebook will soon get a new name as part of the rebranding process to restore the company’s reputation.
According to reports, Facebook CEO Mark Zuckerberg has planned to discuss the name change during the annual Connect conference on October 28.
Earlier this week, the company announced that 1000 people will be hired in Europe to work on creating the metaverse. The plan is said to cost up to $50 million.
“So today, we’re announcing a plan to create 10,000 new high-skilled jobs within the EU over the next five years. This investment is a vote of confidence in the strength of the European tech industry and the potential of European tech talent,” said Facebook’s vice president on global affairs Nick Clegg.
Plans to rebrand Facebook are part of efforts to overhaul the company from bad reputation because of a series of bad news that have been linked to misinformation on its platforms, content moderation failures and revelations about the negative effect its products have on some users’ mental health.
Former Facebook product manager Frances Haugen earlier this month revealed that the company is aware that its platforms are used for spreading hate and misinformation but it has failed to take action to prevent it.
The company’s leaders have been condemned for allegedly choosing profit over health.
Facebook has aggressively pushed back against the claims, calling many of them “misleading” and arguing that its apps do more good than harm.
This comes after the company’s platforms including Instagram and Whatsapp crashed on October 4 due to system failure.
Company name changes have mostly been attributed to scandal and controversy.
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