Social media platform Facebook has announced its rebranding. CEO Mark Zuckerberg announced 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 centre 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.”

As The Verge first reported on October 19th, the rebrand is part of the company’s efforts to shift gears away from being known as just a social media company and focus on Zuckerberg’s plans for building the metaverse. In July, he told The Verge that over the next several years, Facebook would “effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”

Zuckerberg wrote in a blog post 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. The announcement does not affect how we use or share data.”

For Facebook, the original “blue” app would join Instagram, WhatsApp, and Oculus under a parent company. Oculus, however, got a refresh of its own following the announcement as CTO Andrew Bosworth announced Meta was phasing out the Oculus branding. The Oculus Quest product line will become the Meta Quest line, and the Oculus App will be called the Meta Quest App.