A week after The Verge first reported that Mark Zuckerberg would rebrand/rename Facebook, the tech giant's CEO just announced that the new name is 'Meta'.

“I’ve been thinking a lot about our identity” with this new chapter, Mr. Zuckerberg said, speaking at a virtual event to showcase Facebook’s technological bets of the future.

“Over time, I hope we’re seen as a metaverse company.”

Zuckerberg first noted in July that he wanted Facebook to eventually become a "metaverse company," and last week, the company said it would hire 10,000 people across Europe specifically to build out its metaverse project. 

The Matrix is real. $FB (via @therecount) pic.twitter.com/uhP3HtjrLG

— Carl Quintanilla (@carlquintanilla) October 28, 2021

WATCH: Sneak Peek at Facebook metaverse pic.twitter.com/rUGGiJeMLr

— Insider Paper (@TheInsiderPaper) October 28, 2021

At the same time, renaming Facebook may help distance the company from the many social networking controversies it is facing, including how it reportedly spreads hate speech and misinformation.

Twitter CEO Jack Dorsey has opined in his inimitable way...

meta: referring to itself or to the conventions of its genre; self-referential.

— jack⚡️ (@jack) October 28, 2021

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Full Statement from 'Meta':

Introducing Meta: A Social Technology Company

Today at Connect 2021, CEO Mark Zuckerberg introduced Meta, which brings together Facebook's apps and technologies under one new company brand. Meta's focus will be to bring the metaverse to life and help people connect, find communities and grow businesses.

The metaverse will feel like a hybrid of today's online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can't be together — and do things together you couldn't do in the physical world. It's the next evolution in a long line of social technologies, and it's ushering in a new chapter for the company. Zuckerberg shared more about this vision in a founder's letter.

The annual Connect conference brings together augmented and virtual reality developers, content creators, marketers and others to celebrate the industry's momentum and growth. This year's virtual event explored what experiences in the metaverse could feel like over the next decade — from social connection, to entertainment, gaming, fitness, work, education and commerce. The company also announced new tools to help people build for the metaverse, including Presence Platform, which will enable new mixed reality experiences on Quest 2, and a $150-million investment in immersive learning to train the next generation of creators.

You can watch the full Connect keynote and learn more about how the metaverse will unlock new opportunities at meta.com. You can also learn more about the company's work over the past several months to develop the Meta brand on its design blog.

Facebook's corporate structure is not changing as Meta. However, how it reports on financials will. Starting with results for the fourth quarter of 2021, the company plans to report on two operating segments: Family of Apps and Reality Labs. Meta also intends to start trading under the new stock ticker that the company reserved, MVRS, on December 1. Today's announcement does not affect how the company uses or shares data.

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.