The social network giant Facebook from now on will be known as Meta as the company is chasing its idea to become the metaverse. According to an official announcement, the rebranded social network will give its users tools to share "immersive experiences" with other people.
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"It is the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company," the announcement says.
Mark Zuckerberg, the founder of Facebook, says the new project will focus on a "feeling of presence."
"Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this," he wrote in a founder's letter.
Starting with its results for the fourth quarter of 2021, Meta plans to report on two operating segments: Family of Apps and Reality Labs. The company also plans to start trading under the new stock ticker — MVRS, on December 1.
Earlier this month, Senate Democrats called on Facebook to stop its Novi wallet initiative, according to a group letter to Mark Zuckerberg signed by US Senators Elizabeth Warren, Brian Schatz, Sherrod Brown, Tina Smith and Richard Blumenthal. The senators voiced their "strongest opposition" to effort to launch a digital wallet called Novi.
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