Facebook plans to change its name: report

Facebook is planning to rebrand itself with a new name, according to a report from tech site The Verge on Tuesday.

It cited a source with direct knowledge of the matter.

The report says Facebook CEO Mark Zuckerberg is set to discuss the rebranding at an annual conference next week, and comes as the company faces intensifying scrutiny from U.S. lawmakers over its business practices.

Facebook said in response that it does not comment on quote "rumor or speculation."

The rebranding would position Facebook as one of many products under a parent company, which will also oversee apps like Instagram and Whatsapp.

Similarly, Google established Alphabet as a holding company back in 2015 to expand beyond its search engine and advertising businesses.

The move also reflects Facebook's heavy investment in virtual reality (VR) and augmented reality as it builds its so-called metaverse, where it aims to connect over 3 billion users through several devices and apps.

On Tuesday, it announced plans to create 10,000 jobs in the European Union over the next five years to help bolster this effort.

The Verge report says a possible name for the company could have something to do with the word Horizon.

Facebook recently renamed its in-development VR gaming platform 'Horizon Worlds'.

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