Facebook has acquired name rights for “Meta” for $60 million in cash.
The trademark assets were obtained from Meta Financial Group, a US-based bank that will have one year to completely remove the word “Meta” from its name and branding.
Previously at the company’s Connect event, Facebook CEO Mark Zuckerberg announced company’s new name will be Meta. “We are a brand that creates technology to connect,” Zuckerberg explained. “We can finally put humans at the heart of our technology if we work together.” And by working together, we can create a far larger creator economy.”
“To reflect who we are and what we aim to build,” he continues. He claims that the name Facebook does not completely reflect everything the company does now and is still closely associated with one product. “However, I hope that in time, we will be recognized as a metaverse company.”
He was officially named CEO and Chairman of Meta, Facebook’s new parent company. The rebranding aims to position the social media giant as a champion of the metaverse, which Zuckerberg views as the internet’s future. Zuckerberg has complete control over everything.
Source – Instagram