Facebook Announces Plans To Change Its Name

Oct 20 (Reuters) - Facebook Inc (FB.O), under fire from regulators and lawmakers over its business practices, is planning to rebrand itself with a new name that focuses on the metaverse, the Verge reported on Tuesday.

The name change will be announced next week, The Verge reported, citing a source with direct knowledge of the matter.

The move would likely position the flagship app as one of many products under a parent company overseeing brands such as Instagram and WhatsApp, according to the report. Google (GOOGL.O) adopted such a structure when it reorganized into a holding company called Alphabet in 2015.