Facebook rebrands with new corporate name: Meta

Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future, what Zuckerberg calls the "metaverse."

Mark Zuckerberg, Facebook CEO said "It is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build. I am proud to announce that starting today, our company is now Meta."

 Zuckerberg has described metaverse as a "virtual environment" you can go inside of, instead of just looking at on a screen. Zuckerberg says he expects the metaverse to reach a billion people within the next decade.

The announcement comes amid an existential crisis for Facebook. Zuckerberg says he expects the metaverse to reach a billion people within the next decade.