Facebook has just released its new name, Meta!

Facebook CEO Mark Zuckerberg has announced on Thursday at his company’s Connect event that its new name will be Meta. “We are a company that builds technology to connect,” Zuckerberg said. “Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.”

“To reflect who we are and what we hope to build,” he added. He said the name Facebook doesn’t fully encompass everything the company does now and is still closely linked to one product. “But over time, I hope we are seen as a metaverse company.”

The Verge first reported on October 19th, the rebrand is part of the company’s efforts to change from being known as just a social media company and focus on Zuckerberg’s plans for building the metaverse.

Zuckerberg’s blog post published on Thursday stated that the company’s corporate structure would not be changing, but how it reports financial results will. “Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs” he explained. “We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Today’s announcement does not affect how we use or share data.”

Early speculation focused the change in name came is similar to Google’s 2015 rebrand when it announced it would become one of several companies under the umbrella of a larger holding company called Alphabet. For Facebook, the original “blue” app would join Instagram, WhatsApp, and Oculus under a parent company.