Facebook is planning to rebrand the company with a new name to focus on building the metaverse, according to a report by The Verge.

CEO Mark Zuckerberg will unveil its new name at the annual Connect conference on October 28, but it could announce the new name earlier, as reported by The Verge.

Facebook, which has the ambition to be known for more than social media, announced Sunday that it plans to recruit 10,000 jobs in Europe for the next five years to help build the metaverse the company sees as a key component of its future.

The company also announced a month ago that Andre Bosworth, the head of AR and VR, will be promoted to chief technology officer. Facebook already has more than 10,000 employees who build consumer hardware like AR glasses that Zuckerberg believes will be as ubiquitous as smartphones.

In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside.

The rebranding comes at a time when Facebook is facing criticism over a range of scandals, including a series of internal documents leaked by a whistleblower, Frances Haugen, who testified before the Senate Committee on Commerce, Science, and Transportation. Facebook is still under antitrust scrutiny by the U.S. government.

“We don’t comment on rumor or speculation,” a Facebook spokesperson said.

Source: TechCrunch