Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality. The metaverse is the next frontier, Chief Executive Officer Mark Zuckerberg said in a presentation at Facebook’s Connect conference, held virtually on Thursday. From now on, we’re going to be metaverse-first, not Facebook-first.
Facebook’s name change is the most definitive signal so far of the company’s intention to stake its future on a new computing platform -- the metaverse, an idea born in the imaginations of sci-fi novelists. In Facebook’s vision, people will congregate and communicate by entering virtual environments, whether they’re talking with colleagues in a boardroom or hanging out with friends in far-flung corners of the world.
The company said its stock will start trading under a new ticker, MVRS, on Dec. 1.
We've learned a lot from struggling with social issues and living under closed platforms, and now it is time to take everything that we've learned and help build the next chapter, Zuckerberg said during an annual developers conference.
I am proud to announce that starting today, our company is now Meta. Our mission remains the same, still about bringing people together, our apps and their brands, they're not changing, he added.
Facebook critics pounced last week on a report that leaked the rebranding plans, arguing the company was aiming to distract from recent scandals and controversy.
An activist group calling itself The Real Facebook Oversight Board has warned that major industries like oil and tobacco had rebranded to deflect attention from their problems.
Facebook thinks that a rebrand can help them change the subject, the group said last week, adding the real issue was the need for oversight and regulation.
Facebook has just announced plans to hire 10,000 people in the European Union to build the metaverse,with Zuckerberg emerging as a leading promoter of the concept.
The social media giant has been battling a fresh crisis since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites' potential for harm, prompting a renewed US push for regulation.
Facebook has been hit by major crises previously, but the current view behind the curtain of the insular company has fueled a frenzy of scathing reports and scrutiny from US regulators.
Good faith criticism helps us get better, but my view is that what we are seeing is a coordinated effort to selectively use leaked documents to paint a false picture of our company, Zuckerberg said in an earnings call on Monday.
The Washington Post last month suggested that Facebook's interest in the metaverse is part of a broader push to rehabilitate the company's reputation with policymakers and reposition Facebook to shape the regulation of next-wave Internet technologies.
Google rebranded itself as Alphabet in a corporate reconfiguration in 2015, but the online search and ad powerhouse remains its defining unit despite other operations such as Waymo self-driving cars and Verily life sciences.
LONDON (AP) — British lawmakers grilled Facebook on Thursday over how it handles online safety as European countries move to rein in the power of social media companies, with the tech giant's head of safety saying the company supports regulation and has no business interest in providing people with an unsafe experience.
Representatives from Google, Twitter and TikTok also were answering questions from a parliamentary committee scrutinizing the British government’s draft legislation to crack down on harmful online content. It comes days after the companies testified before American lawmakers and provided little firm commitment for U.S. legislation bolstering protection of children from online harm, ranging from eating disorders, sexually explicit content and material promoting addictive drugs.
Governments on both sides of the Atlantic want tougher rules aimed at protecting social media users, especially younger ones, but the United Kingdom's efforts are much further along. U.K. lawmakers are questioning researchers, journalists, tech executives and other experts for a report to the government on how to improve the final version of the online safety bill. The European Union also is working on digital rules.
Antigone Davis, Facebook’s head of global safety who addressed the British lawmakers via video conference, defended the company's handling of internal research on how its Instagram photo-sharing platform can harm teens, including encouraging eating disorders or even suicide.
Where does the buck stop? asked Damian Collins, the lawmaker who chairs the committee.
It’s a company filled with experts, and we all are working together to make these decisions, Davis said. She added that we have no business interest, no business interest at all, in providing people with a negative or unsafe experience.
Davis said Facebook is largely supportive of the U.K.'s safety legislation and is interested in regulation that gives publicly elected officials the ability to hold the company accountable.
She said she doesn’t agree with critics that Facebook is amplifying hate, largely blaming societal issues and arguing that the company uses artificial intelligence to remove content that is divisive or polarizing.
Did you say that Facebook doesn’t amplify hate? Collins asked.
Correct, Davis said, adding, I cannot say that we’ve never recommended something that you might consider hate. What I can say is that we have AI that’s designed to identify hate speech.
She declined to say how much dangerous content those AI systems are able to detect.
Facebook whistleblower Frances Haugen told the U.K. committee this week that the company’s systems make online hate worse and that it has little incentive to fix the problem. She said time is running out to regulate social media companies that use artificial intelligence systems to determine what content people see.
Haugen was a Facebook data scientist who copied internal research documents and turned them over to the U.S. Securities and Exchange Commission. They also were provided to a group of media outlets, including The Associated Press, which reported numerous stories about how Facebook prioritized profits over safety and hid its own research from investors and the public.
In one of several pointed exchanges Thursday before the parliamentary committee, Scottish lawmaker John Nicolson told Davis that all this rather suggests that Facebook is an abuse facilitator that only reacts when you’re under threat, either from terrible publicity or from companies, like Apple, who threaten you financially.
Lawmakers pressed Facebook to provide its data to independent researchers who can look at how its products could be harmful. Facebook has said it has privacy concerns about how such data would be shared.
It’s not for Facebook to set parameters around the research, said Collins, the committee chairman.
The U.K.'s online safety bill calls for a regulator to ensure tech companies comply with rules requiring them to remove dangerous or harmful content or face penalties worth up to 10% of annual global revenue.
British lawmakers are still grappling with thorny issues such as ensuring privacy and free speech and defining legal but harmful content, including online bullying and advocacy of self harm. They're also trying to get a handle on misinformation that flourishes on social media.
Representatives from Google and its YouTube video service who spoke to U.K. lawmakers Thursday urged changes to what they described as an overly broad definition of online harms. They also appeared virtually, and the tenor of lawmakers' questions wasn't as harsh as what Facebook faced.
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