The cat is out of the bag: Mark Zuckerberg unveiled Meta as Facebook's new corporate name at the company's Connect developer conference Thursday morning.
"We have a new north star: to bring the metaverse to life," Zuckerberg said. "From now on, we're going to be metaverse first, not Facebook first."
Zuckerberg also published a new founder's letter to further explain the name change. "Right now our brand is so tightly linked to one product that it can't possibly represent everything we're doing today, let alone in the future," the letter reads in part. "Over time, I hope we are seen as a metaverse company, and I want to anchor our work and our identity on what we're building towards."
Meta is being positioned as the new corporate entity overseeing both the company's existing apps and services business, including Facebook, Instagram, Messenger and WhatsApp, as well as its AR, VR and metaverse efforts. To further formalize this change, the company is going to change its stock ticker from FB to MVRS in December.
Earlier this week, the company told investors that it was going to break out those two lines of business separately in earnings starting this quarter. At the time, the company also revealed that it was going to spend more than $10 billion on AR, VR and metaverse tech this year alone.
This is a developing story.