Facebook recently announced its new company name, “Meta.” Mark Zuckerberg, Facebook’s CEO, revealed the rebranding last October 28, 2021, at his company’s augmented and virtual reality conference, Connect. “We are a company that builds technology to connect,” Zuckerberg said. “Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.”

The new moniker was derived from the sci-fi term “metaverse,” which is used to describe the concept of a future iteration of the Internet. With the company’s continuously growing aspirations, Meta will focus on bringing the metaverse to life and helping people connect, find communities, and grow businesses. Zuckerberg said that the company hopes the metaverse will reach a billion people, host hundreds of billions of dollars of e-commerce, and support jobs for millions of creators and developers in the next decade. “Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Zuckerberg said. Meanwhile, he clarified in a blog post that only the way they report financial results will change, not the company’s corporate structure.