Facebook is likely to change its name due to recent scandals and CEO Mark Zuckerberg's obsession with "metaverse," the various sources confirmed.
The Verge reported that this upcoming decision would not influence the Facebook app.
Zuckerberg plans to present plans and options at the Connect conference on October 28, though it could be announced as early as today.
The rebranding of Facebook is initiated by the desire to be known as more than a social network.
Expanding beyond social media is a logical step for Facebook, especially after all the previous years' scandals and ongoing criticism.
But, apart from Facebook, the company also owns Instagram, WhatsApp, and Oculus, and their destiny, though it might be safe for now, could follow Facebook in the upcoming time.
Just last month, Ray-Ban and Zuckerberg presented "smart glasses" as part of the push to build a "metaverse company."
The company officials stay quiet, as Joe Osborne, a Facebook spokesperson, said:
"We don't comment on rumor or speculation."
The rumors started in July, when Zuckerberg spoke to The Verge, saying that over the following years " "we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company."
Earlier this year, the company announced Facebook announced earlier this week that it would hire 10,000 people in Europe to create the metaverse.
Facebook would not be the first big company to change its name due to shady businesses or merely wrong critics. However, it would be the first social network to do rebranding in such a drastic method.
This is a developing story, and any critical updates will be presented promptly.