Facebook Plans To Change Its Name: Report

Mark Zuckerberg

Facebook Plans To Change Its Name: Report: Social media giant Facebook Inc is planning to rebrand itself with a new name next week, The Verge reported on Tuesday, citing a source with direct knowledge of the matter.

Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company’s annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge reported.

In response, Facebook said it does not comment on “rumor or speculation.”

The news comes at a time when the company is facing increasing U.S. government scrutiny over its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.

The rebranding would position Facebook’s social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus, and more, the Verge report added.

It’s not uncommon in Silicon Valley for companies to change their names as they bid to expand their services.

Google established Alphabet Inc as a holding company in 2015 to expand beyond its search and advertising businesses, to oversee various other ventures ranging from its autonomous vehicle unit and health technology to providing internet services in remote areas.