Facebook reportedly has plans to rebrand with a new name next week to reflect its new focus on developing the metaverse.

On Monday the social media giant announced plans to create 10,000 new jobs across the European Union to help develop the metaverse.

The online platform describes the metaverse as a new phase of interconnected virtual experiences using technologies like virtual and augmented reality.

Sources with direct knowledge of the matter told The Verge that Facebook chief executive Mark Zuckerberg plans to reveal the rebranding at the company’s annual Connect conference on 28 October. According to them, the new name is supposed to represent Facebook’s plans to be known for more than just social media.

The move comes as the multinational business faces scrutiny from regulators and lawmakers over its practices, including issues around hate speech and the impact of the platform on young people’s mental health.

The American tech blog said that the rebrand would most likely place the blue-branded Facebook app as one of many products under a parent company, which would oversee Instagram, Oculus, WhatsApp, as well as others.

Earlier this month, Zuckerberg denied claims made by a whistleblower that the company puts profits before tackling hate speech.

Frances Haugen, who worked as a product manager on the civic misinformation team at Facebook, revealed her identity as the person who leaked documents to The Wall Street Journal (WSJ) in an interview with CBS programme 60 minutes.

“Its own research is showing that content that is hateful, that is divisive, that is polarising, it’s easier to inspire people to anger than it is to other emotions,” she told the programme in early October. “Facebook has realised that if they change the algorithm to be safer, people will spend less time on the site, they’ll click on less ads, they’ll make less money.”

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