Meta Platforms shares rise as Facebook rebrands to focus on metaverse

Chief Executive Officer Mark Zuckerberg said on Thursday the new name reflects the company’s work invested in the metaverse, rather than its namesake social media service, which will continue to be called Facebook.

The rebranding comes in the wake of criticisms from lawmakers to regulators over the company’s market power, algorithmic decisions and the policing of abuses on its service.