The decision by Facebook Inc. to change its name to Meta reflects the company’s perceived growth opportunities beyond its namesake social-media platform. Facebook wants to rebrand to show how Chief Executive Mark Zuckerberg is repositioning the tech company around the metaverse, which he sees as a key growth area that can also attract younger users. Zuckerberg stated: “To reflect who we are and the future we hope to build, I’m proud to share that our company is now Meta.” Mark Zuckerberg announced the new name as he unveiled plans to build a “metaverse” – an online world where people can game, work and communicate in a virtual environment, often using VR headsets. This rebrand is meant to signal the tech giant’s ambition to be known for more than social media and all the ills that entail. A rebrand could also serve to further separate the futuristic work Zuckerberg is focused on from the intense scrutiny Facebook is currently under for the way its social platform operates today. Facebook has been steadily laying the groundwork for a greater focus on the next generation of technology. This past summer it set up a dedicated metaverse team. What does ‘metaverse’ mean? The metaverse is an online virtual realm where people would work, play and shop. Facebook describes it as “the next evolution of social connection. It’s a collective project that will be created by people all over the world, and open to everyone. You’ll be able to socialize, learn, collaborate and play in ways that go beyond what’s possible today.”