Mark Zuckerberg, the CEO of Facebook, announced on 29th October that the parent company's name will be changed to "Meta" to signify a future beyond the embattled social network.

He revealed the new name alongside ambitions to create a "metaverse," an online world where people may game, work, and chat in a virtual environment, frequently utilising virtual reality goggles.

The shift solely affects the parent business, not the individual platforms, such as Facebook, Instagram, and Whatsapp.

They also unveiled a new sign at its Menlo Park headquarters, replacing the thumbs-up "Like" emblem with a blue infinity form.

The word "meta" is derived from a Greek word that means "beyond."

The phrase "metaverse," which was first used in a dystopian fiction three decades ago and is now gaining traction in Silicon Valley, refers to a shared virtual world that can be accessed by anyone using various devices.

Facebook said it intends to start trading its shares under the new stock ticker MVRS from 1 December.