BREAKING: Facebook To Change Its Name Next Week

Facebook will next change it name next week.

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, reports said.

The Verge reports that the name change will be announced next week, 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.