Social media giant Facebook Inc is planning to rebrand itself with a new name next week, the Verge reported, 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 "rumour 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 plan is meant to signal the tech giant’s ambition to be known for more than social media and all the ills that entail. The rebrand would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. A spokesperson for Facebook declined to comment for this story.

A rebrand could also serve to further separate the futuristic work Zuckerberg is focused on from the intense scrutiny Facebook is currently under for the way its social platform operates today.

Facebook isn’t the first well-known tech company to change its company name as its ambitions expand. In 2015, Google reorganized entirely under a holding company called Alphabet, partly to signal that it was no longer just a search engine, but a sprawling conglomerate with companies making driverless cars and health tech. And Snapchat rebranded to Snap Inc. in 2016, the same year it started calling itself a “camera company” and debuted its first pair of Spectacles camera glasses.

 Facebook has been heavily promoting the idea of the metaverse in recent weeks, it’s still not a concept that’s widely understood. The term was coined originally by sci-fi novelist Neal Stephenson to describe a virtual world people escape to from a dystopian, real world.