Facebook is planning to change its name and could make the announcement as soon as next week, according to a report by The Verge. The new name, which is a closely guarded secret within Facebook, will reflect the social media company's growing focus on creating virtual "metaverse" experiences.
While Facebook has been tight-lipped about the name change, The Verge suggested it could have something to do with Horizon, citing two virtual reality projects named Horizon Worlds and Horizon Workrooms.
Facebook CEO Mark Zuckerberg is expected to address the name change at Facebook's annual Connect conference on October 28, though it could be unveiled sooner.
The reported name change comes as Facebook has been facing increased scrutiny following the release of a trove of internal documents that highlight the negative impact that social media is having on people, especially children. The whistleblower who sent the documents to Wall Street Journal blasted her former company during a Senate hearing, in which she called on the government to more strictly regulate social media companies.
Analysts say the rebranding could help Facebook as it tries to broaden its business.
"It reflects the broadening out of the Facebook business. And then, secondly, I do think that Facebook's brand is probably not the greatest given all of the events of the last three years or so," internet analyst James Cordwell at Atlantic Equities told Reuters.