Facebook announced on Thursday that the company has successfully rebranded it’s name to Meta.

Facebook focuses on it’s ambition in building a “metaverse.” (a shared virtual environment that it bets will be the next big computing platform.)

This comes after numerous trouble and criticism from lawmakers over it’s handling of user’s data and algorithmic decisions as well as policing of abuses on its platforms.

The rebrand comes as the world’s largest social media company battles criticisms from lawmakers and regulators over its market power, algorithmic decisions and the policing of abuses on its platforms.

Mark Zuckerberg speaking at the event said the rebranding reflected it’s ambitios of building the metaverse.

The metaverse refers broadly to the idea of a shared virtual environment which can be accessed by people using different devices.

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Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,”  Zuckerberg said.

Zuckerberg also said that the new name also reflects that over time, users will not need to use Facebook to use the company’s rest services.

This year, the company has created a product team based on the ‘Metaverse‘ and it recently announced plans to employ 10,000 employees in Europe over the next five years to work on the dream.

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