Facebook rebrands as ‘Meta’

Facebook Inc. has changed its name and logo to Meta Platforms Inc. on October 28, 2021.

Highlights

• Facebook Inc. has been renamed to Meta Platforms Inc., or Meta to reflect its commitment to develop the new surround-yourself technology called as “metaverse.”
• However, the social network will still be called as Facebook.
• Chief executive, senior leadership and its corporate structure are unchanged as of now.
• Rebranding of the company is part of its big plan to develop a virtual world and to bring the “apps and technologies of company under one new company brand”.

Background

Ever since Facebook was launched in 2004, it has purchased social media apps like Instagram and WhatsApp. It has also invested in technologies like video-calling device Portal, virtual reality system Oculus and digital wallet Novi. However, sceptics are also suggesting that this move is an attempt to move attention away from the Facebook papers leak.

What is Facebook papers leak?

Facebook papers were leaked by a former Facebook employee. These papers revealed how Facebook ignored or downplayed the internal warnings regarding the negative and harmful consequences that its social network algorithms created or magnified in the world. It reveals that, Facebook was putting profits ahead of ridding its platform of hate, misinformation and political strife across the globe.

What is metaverse?

The metaverse is sort of internet brought to life and are rendered in 3D. it is a “virtual environment” wherein people can go inside, instead of just looking at on the screen. Through this platform, people can meet, play and work using virtual reality headsets, smartphone apps and augmented reality glasses.

Month: Current Affairs - October, 2021