Popularly known as Facebook for over a decade, the social media giant has now completely moved out of its old identity. In the new ‘avatar’ the company has started functioning under the ticker symbol ‘META’.
Earlier in October 2021, Meta Platforms Inc announced its rebranding from its popularly known social networking platform on the idea that the new identity will succeed mobile internet.
Mark Zuckerberg, Meta’s co-founder and CEO, established Facebook in 2004 from his Harvard dorm as a way for students to meet via the internet.
Little did the then 19-year-old student know that Facebook would become integral to many people’s social life, with nearly three billion monthly users, and expand to include popular social media apps Instagram and Whatsapp in its universe.
Nearly two decades on, his company is pouring billions of dollars into the metaverse, a futuristic idea of virtual environments where users can work, socialize and play, by adding new features to hardware devices that serve as access points.
Facing global scrutiny, the Meta shares have fallen nearly 42% this year as it battles criticism from lawmakers and regulators over its market power, algorithmic decisions and its policing of abuses.