Social media Mammoth Facebook Inc is planning to rebrand itself with a new name coming week, The Verge reported on Tuesday, citing a source with direct knowledge of the matter.
Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company's periodic Connect conference on Oct. 28, but it could be unveiled sooner, the Verge reported.
In response, Facebook said it doesn't note" scuttlebutt or enterprise."
The news comes at a time when the company is facing adding U.S. government scrutiny over its business practices. Lawgivers from both parties have excoriated the company, illustrating the rising wrathfulness in Congress with Facebook.
The rebranding would place Facebook's social media app as one of the numerous products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus, and further, the Verge report added.
It's not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.
Google established Alphabet Inc as a holding company in 2015 to expand beyond its hunt and advertising businesses, to oversee colorful other gambles ranging from its independent vehicle unit and health technology to furnishing internet services in remote areas.
The move to rebrand will also reflect Facebook's focus on erecting the so-called metaverse, an online world where people can use different biases to move and communicate in a virtual terrain, according to the report.
Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion druggies through several biases and apps.
The company also blazoned plans on Tuesday to produce jobs in the European Union over the coming five times to help make the metaverse.
Zuckerberg has been talking up metaverse since July and the buzzword, first chased in a dystopian new three decades before, has been substantiated by other tech enterprises similar as Microsoft.