According to a report from The Verge, Facebook is considering renaming the firm in order to focus on developing the metaverse.
The new name is expected to be revealed at the annual Connect event on October 28, according to The Verge, but it may also reveal the name ahead of time.
Facebook, which aspires to be recognized for more than just social media, announced on Sunday that it will recruit 10,000 European employees over the next five years to help construct its metaverse, which it sees as a key component of its future.
The organization also disclosed on May 14 that Andrew Bosworth, the head of AR and VR, will be promoted to CTO. Facebook already has more than 10,000 employees who develop consumer hardware like AR glasses that Mark Zuckerberg thinks will be as common as smartphones.
In July, Zuckerberg predicted that Facebook's future lies in the virtual metaverse, an online world where people will dwell, work, and play.
When Facebook was criticized for a number of issues, including the release of internal papers by whistleblower Frances Haugen , who testified before the Senate Committee on Commerce, Science, and Transportation, it rebranded itself. The United States government is still investigating Facebook.
A Facebook spokesperson declined to comment on rumors or speculation.
Frances Haugen appears before the Senate as a whistleblower.
The Facebook whistleblower will meet with the Oversight Board on Facebook.