Rebrand could position the tech giant's social media app as one of several products from a parent company that oversees Instagram, WhatsApp and Oculus.
Social media giant Facebook plans to rename the company under a new name next week, The Verge reported Tuesday, citing a source with direct knowledge of the matter. Mark Zuckerberg, CEO of Facebook, plans to speak about the name change at the company's annual Connect conference on Oct. 28, but it could be announced earlier, according to the Verge report.
Like renaming Google under the Alphabet umbrella, renaming the social media app from Facebook would likely position it as one of many products from a parent company that will also oversee groups like Instagram, WhatsApp, Oculus, and more, adds the report.
A car depicting hate speech on Facebook, shaped like the monster from the movie "Alien" in Düsseldorf, Germany.
The Guardian has not independently verified the report. A Facebook spokesperson told The Guardian that the company did not comment on rumors or speculation.
It came at a time when Facebook is under significant pressure following revelations from whistleblower France Haugen, who told Congress that the company had put "astronomical profits before people," harming children and destabilizing democracies. Haugen was behind the leak of several documents to the Wall Street Journal, including an internal investigation that found that 30% of teenage girls believed that Instagram made body dissatisfaction worse.
Earlier this month also took off Facebook, WhatsApp, and Instagram for five hours after routine maintenance failed, disrupting all of Facebook's services, including its own internal communications and physical security services.
"Facebook was not used for more than five hours to deepen divisions, destabilize democracies and make girls and women feel guilty," Haugen told Congress.
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