Facebook will rebrand itself with a new name next week in a bid to distance itself from series of embarrassing scandals.
The firm’s original social media site – Facebook – will likely keep its moniker, but Facebook Inc., the parent company which also owns Instagram and WhatsApp, will rebrand.
Chief Executive Officer Mark Zuckerberg plans to reveal the parent company’s new name at its annual Connect conference on October 28, but it could be unveiled sooner, the Verge reported.
The change would likely position Facebook’s social media app as one of many products under a parent company, which will oversee products like Instagram, WhatsApp, Oculus and more.
It will also help distance the firm’s flagship social media brand from future bad publicity, with recent whistleblower testimony from former worker Frances Haugen managing to contaminate the reputations of Facebook and Instagram.
Facebook said it does not comment on rumour or speculation.
Facebook will change its name as it focuses on a ‘metaverse’ of different brands. Above, founder Mark Zuckerberg wearing an Oculus Rift virtual reality headset on October 2016