Facebook plans to change its name to focus on metaverse: Report.

London :  The Verge reported on Tuesday that Facebook is aiming to rename itself with a new moniker focused on the metaverse, as the tech giant comes under criticism from regulators around the world over its business practises.

The Verge reported, which cited a source with intimate knowledge of the situation, the firm aims to announce the new name next week. The tech newspaper reports that Facebook wants to be known for more than just social networking. A company spokesperson stated in response to a question regarding the likely name change that Facebook (FB) does not comment on rumours or conjecture.

Facebook owns Instagram and WhatsApp in addition to its main social media platform. A name change might bring the three giant platforms together under one umbrella brand, akin to Google's parent company Alphabet's structure.

The name change could be a reflection of Facebook's new direction. The metaverse is a new online realm that combines virtual and augmented reality technologies.

The goal is to build a realm comparable to the internet where people may walk around and communicate with one another in real time using digital avatars. In principle, users may meet up with faraway coworkers at a virtual meeting table, then go over to a virtual Starbucks to meet up with a buddy.

Facebook stated this week that it will hire 10,000 individuals in Europe to help build the metaverse.

A rebranding might be part of a larger effort to repair Facebook's image following a barrage of bad press tied to disinformation on its platforms, content moderation failures, and discoveries about its products' negative impact on some users' mental health.

Frances Haugen, a former product manager at Facebook, testified earlier last month that the business is aware that its platforms are being used to disseminate hatred and misinformation but has done little to stop it. Facebook's executives have been chastised for allegedly prioritising profit over health, with politicians drawing parallels with Big Tobacco.

Facebook has fought back hard, labelling many of the findings "misleading" and claiming that its programmes do more benefit than harm.

CEO Mark Zuckerberg plans to discuss the name change during the company's annual Connect conference on October 28, according to the Verge.

Only a few significant corporations have changed their well-known brands. Kentucky Fried Chicken was renamed KFC, Datsun was renamed Nissan, and the World Wrestling Federation was renamed World Wrestling Entertainment. In 2016, the social media platform Snapchat changed its name to Snap to reflect its entry into hardware.

Several high-profile name changes have occurred as a result of scandal or controversy. After one of its flights crashed in 1996, Philip Morris, the maker of Marlboro, changed its name to Altria, and ValuJet became AirTran.