Social media giant Facebook Inc. is planning to rebrand itself with a new name some time next week as the American technology blog the Verge reported on Tuesday, citing source of the information having direct knowledge with the matter.

The change is to reflect its focus on building the metaverse. The talks about the change at the company’s annual Connect conference on October 28th. However the tech giant could unveil the name sooner than that as it aims to be more than just a social media platform.

The rebrand possibly would be the parent company of Facebook which overlooks other platforms like Instagram, WhatsApp, Oculus, and more. A person close to the matter revealed that the tech site wants to transition from being seen as a social media company to a metaverse company.

Currently, Facebook has more than 10,000 employees who are working towards building consumer hardware like AR glasses which its CEO thinks will be as viable as smartphones.

Along with this the report stated  it will hire 10,000 more employees to work on the metaverse in Europe. It also mentioned that the new Facebook company name is not known even among its senior leadership.

“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said at the time. “In many ways, the metaverse is the ultimate expression of social technology.”

This change is not a first of its kind. Google changed it named under the holding company Alphabet back in 2015 and in 2016 Snapchat rebranded to Snap Inc.

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