| Facebook Inc has now changed its name to Meta. The company said on Thursday that the company changed its name to Meta, focusing on building a "metaverse",
a shared virtual environment, and it bet that it will become the successor to the mobile Internet. |
| The name change comes as the world’s largest social media company is battling criticism from legislators and regulators of its market power, algorithmic decision-making, and abuse of its services. |
| CEO Mark Zuckerberg, speaking at the company's live streaming virtual and augmented reality conference, said that the new name reflects its investment in Metaverse, rather than its namesake social media service, which will continue to be called Facebook. |
| Metaverse was a term coined in the dystopian novel "Avalanche" three years ago, and it has now caused a sensation in Silicon Valley. It broadly refers to the idea of a shared virtual realm that can be accessed by people using different devices. |
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