Oct 20, 2021: The social media giant Facebook Inc. is planning to re-brand itself next week with a new name, citing sources with direct knowledge of the matter, US media blog The Verge reported on Tuesday.

Facebook chief executive Mark Zuckerberg plans to discuss the name change at the company’s annual Connect conference on October 28, but it could be unveiled soon.

In response, Facebook said it did not comment on “rumors or speculation”.

The news comes at a time when the company is facing increasing government scrutiny of its business practices in the US. Lawmakers from both Republican and Democrat parties have encouraged the company through Facebook, citing growing anger in Congress.

The rebranding will present Facebook’s social media app as one of many products under a core company that monitors groups such as Instagram, WhatsApp, Oculus and more, the Verge report added.

It is not uncommon in Silicon Valley for companies to change their names as they bid to expand their services. Google founded Alphabet Inc. in 2015 as a holding company to move beyond its search and advertising business, from its autonomous automotive units and health technology to various other projects ranging from providing Internet services to remote areas.

The move to rebrand will also reflect Facebook’s focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment, according to the report.

Facebook has invested heavily in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps.