Facebook has announced it will change company name to Meta

"Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started," Meta CEO Mark Zuckerberg said.

The name change indicates the companies desire to move beyond social media and begin to develop in a world of virtual development. The name change comes at a time when Facebook has been under fire after whistleblower Frances Haugen's trove of internal documents brought international attention to Facebook. 

Facebook also announce its stock would change from FB to MVRS effective December 1, 2021.