Mark Zuckerberg, the company’s creator and Chief Executive Officer (CEO), announced the name change on Thursday, October 28, 2021.

The company said its new name would better “encompass” what it does now as it broadens its reach beyond social media.

Zuckerberg announced the new name after unveiling plans to build a “metaverse” — an online world where people can game, work and communicate in a virtual environment, often using VR headsets.

“We believe the metaverse will be the successor to the mobile internet. We’ll be able to feel present — like we’re right there with people no matter how far apart we actually are,” he said.

He added that the existing brand could not “possibly represent everything that we’re doing today, let alone in the future”, and needed to change.

“Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards.

“We’re now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms.

“And as part of this, it is time for us to adopt a new company brand to encompass everything that we do to reflect who we are and what we hope to build.

“I am proud to announce that starting today, our company is now Meta.”

The change, however, does not apply to the company’s individual platforms, such as Facebook, Instagram and Whatsapp, only the parent company that owns them.