<p>Facebook parent company Meta has let go around 13 per cent&nbsp;of its workforce. In a letter to his employees,&nbsp;Zuckerberg explained how he had&nbsp;hired aggressively during the pandemic and had anticipated quick growth&nbsp;even after the pandemic ended.&nbsp;The mass layoffs, which are the first in Meta's 18-year existence, came shortly after&nbsp;massive job&nbsp;cuts at Microsoft Corp. and Twitter, now owned by Elon Musk. But, why did Meta fire so many employees in the first place? What are the ramifications of this move for its Indian employees? How does it reflect on the larger structural problems of the company? We explain the same in-depth.&nbsp;</p>

<h2><strong>What is Meta exactly doing?</strong></h2>

<p>As it struggles with rising costs and plummeting ad revenues, Meta has adopted various cost-cutting strategies&nbsp;in addition to firing almost 11,000 employees. By extending its freeze on fresh recruitment until the first quarter, the firm intends to reduce discretionary spending. However, it hasn't mentioned the areas that would be affected by the transfers or the estimated cost cuts. Before the firings, <a href="https://www.wionews.com/videos/facebook-parent-to-combine-voice-video-unit-with-messaging-teams-533587">Meta</a> had been indirectly hinting at cost-cutting measures by reducing its real estate holdings and doing away with some of the benefits it provided to its employees, such as free laundry&nbsp;and dry cleaning services,&nbsp;dinners they were permitted to pack&nbsp;home to their families and avail&nbsp;free valet services.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Gravitas?src=hash&amp;ref_src=twsrc%5Etfw">#Gravitas</a> | Mark Zuckerberg is set to pull off an <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>. His company<a href="https://twitter.com/Meta?ref_src=twsrc%5Etfw">@Meta</a> is about to unleash its biggest round of layoffs in history.<br />
<br />
Thousands of Meta employees are set to be sacked. Why? <a href="https://twitter.com/PriyankaSh25?ref_src=twsrc%5Etfw">@PriyankaSh25</a> reports <a href="https://t.co/IQtfiVyxHq">pic.twitter.com/IQtfiVyxHq</a></p>
— WION (@WIONews) <a href="https://twitter.com/WIONews/status/1590054768675762176?ref_src=twsrc%5Etfw">November 8, 2022</a></blockquote>
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<blockquote>
<h5><strong>“Unfortunately, this did not play out the way I expected,” Zuckerberg wrote. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”</strong></h5>
</blockquote>

<h2><strong>Reasons behind downsizing</strong></h2>

<p>There are&nbsp;two key factors at play.&nbsp;First, during the peak of the COVID-19 pandemic, social media companies&nbsp;embarked on a recruiting spree.&nbsp;The reason being that more people stayed indoors&nbsp;during the pandemic lockdown and spent more time on the internet.&nbsp;</p>

<blockquote>
<h5><strong>&nbsp;Second, investors are concerned about Meta's massive $10 billion investment in the "metaverse."</strong></h5>
</blockquote>

<p>However, once the lockdowns ended and people resumed venturing outdoors, the upward trend faded.&nbsp;“In its earnings report last month, Meta disclosed that Reality Labs, the part of the company working on the metaverse, had $3.67 billion in operating losses. Reality Labs also experienced its lowest revenue since the final quarter of 2020. The company expects the operating losses for Reality Labs to increase next year,”&nbsp;The New York Times<em>&nbsp;</em>reported.</p>

<p><strong>Also WATCH |&nbsp;Twitter, Meta: Tech 'bloodbath' continues as tech giants on firing spree</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/twitter-meta-tech-bloodbath-continues-as-tech-giants-on-firing-spree-533105/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>The United States' economic slump made everything worse. This past summer, Meta recorded its first-ever quarterly sales decrease, which was followed by a larger decline in the following season.</p>

<h2><strong>What next for Meta?</strong></h2>

<p>A impending&nbsp;recession has Meta and its advertisers on high alert. The difficulty of using Apple's privacy settings, which make it harder for social media sites like Facebook, Instagram, and Snap to monitor users without their permission and target them with adverts, is another issue. As more young people choose TikTok over Instagram, which Meta also owns, competition from TikTok is becoming a greater concern.</p>

<blockquote>
<h5><strong>“We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg said. ”We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.”</strong></h5>
</blockquote>

<p>More cost cuts at Meta will be rolled out in coming months, Zuckerberg said.&nbsp;However, Zuckerberg has made it clear&nbsp;that his commitment&nbsp;to the metaverse&nbsp;is unwavering.</p>

<h2><strong>What happens to the Indians who got fired?</strong></h2>

<p>Many affected Indians have expressed their concern on social media platforms like Twitter and LinkedIn. These affected Indians are on H1B visas and must find jobs within 60 days of the termination date. Any H1B visa holder who is unable to obtain employment within 60 days will have to return to their country of origin. In this situation, Indians who are jobless after the grace period must go&nbsp;back. The original employer will need to bear the cost of&nbsp;their return ticket in accordance with H1B visa policy.</p>

<p>Unlike Musk, Zuckerberg said that he will assist migrant employees with their immigration.</p>

<blockquote>
<h5><strong>“I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need. Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws,”&nbsp;Zuckerberg said in a letter addressing the employees.&nbsp;</strong></h5>
</blockquote>

<p><strong>Also read |</strong>&nbsp;<a href="https://www.wionews.com/business-economy/india-dream11-co-founder-offers-jobs-to-people-fired-from-twitter-meta-and-others-533728">Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others</a></p>

<p>Employees in the United States will get 16 weeks of severance compensation in addition to two&nbsp;"additional weeks for every year of service, with no cap." All remaining Paid time off leave, or PTO (an employee leave policy under which the company sanctions a pool of leaves for its employees) vesting on 15 November,&nbsp;2022, the cost of healthcare for them and their families for six months, and three months of career support from an outside vendor will be provided to laid-off staff.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:</strong></p>

<p><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe></p>


Facebook parent company Meta has let go around 13 per cent of its workforce. In a letter to his employees, Zuckerberg explained how he had hired aggressively during the pandemic and had anticipated quick growth even after the pandemic ended.

Facebook parent company Meta has let go around 13 per cent of its workforce. In a letter to his employees, Zuckerberg explained how he had hired aggressively during the pandemic and had anticipated quick growth even after the pandemic ended. The mass layoffs, which are the first in Meta's 18-year existence, came shortly after massive job cuts at Microsoft Corp. and Twitter, now owned by Elon Musk. But, why did Meta fire so many employees in the first place? What are the ramifications of this move for its Indian employees? How does it reflect on the larger structural problems of the company? We explain the same in-depth. What is Meta exactly doing? As it struggles with rising costs and plummeting ad revenues, Meta has adopted various cost-cutting strategies in addition to firing almost 11,000 employees. By extending its freeze on fresh recruitment until the first quarter, the firm intends to reduce discretionary spending. However, it hasn't mentioned the areas that would be affected by the transfers or the estimated cost cuts. Before the firings, Meta had been indirectly hinting at cost-cutting measures by reducing its real estate holdings and doing away with some of the benefits it provided to its employees, such as free laundry and dry cleaning services, dinners they were permitted to pack home to their families and avail free valet services. #Gravitas | Mark Zuckerberg is set to pull off an @elonmusk. His company@Meta is about to unleash its biggest round of layoffs in history. Thousands of Meta employees are set to be sacked. Why? @PriyankaSh25 reports pic.twitter.com/IQtfiVyxHq — WION (@WIONews) November 8, 2022 × “Unfortunately, this did not play out the way I expected,” Zuckerberg wrote. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.” Reasons behind downsizing There are two key factors at play. First, during the peak of the COVID-19 pandemic, social media companies embarked on a recruiting spree. The reason being that more people stayed indoors during the pandemic lockdown and spent more time on the internet. Second, investors are concerned about Meta's massive $10 billion investment in the "metaverse." However, once the lockdowns ended and people resumed venturing outdoors, the upward trend faded. “In its earnings report last month, Meta disclosed that Reality Labs, the part of the company working on the metaverse, had $3.67 billion in operating losses. Reality Labs also experienced its lowest revenue since the final quarter of 2020. The company expects the operating losses for Reality Labs to increase next year,” The New York Times reported. Also WATCH | Twitter, Meta: Tech 'bloodbath' continues as tech giants on firing spree The United States' economic slump made everything worse. This past summer, Meta recorded its first-ever quarterly sales decrease, which was followed by a larger decline in the following season. What next for Meta? A impending recession has Meta and its advertisers on high alert. The difficulty of using Apple's privacy settings, which make it harder for social media sites like Facebook, Instagram, and Snap to monitor users without their permission and target them with adverts, is another issue. As more young people choose TikTok over Instagram, which Meta also owns, competition from TikTok is becoming a greater concern. “We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg said. ”We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.” More cost cuts at Meta will be rolled out in coming months, Zuckerberg said. However, Zuckerberg has made it clear that his commitment to the metaverse is unwavering. What happens to the Indians who got fired? Many affected Indians have expressed their concern on social media platforms like Twitter and LinkedIn. These affected Indians are on H1B visas and must find jobs within 60 days of the termination date. Any H1B visa holder who is unable to obtain employment within 60 days will have to return to their country of origin. In this situation, Indians who are jobless after the grace period must go back. The original employer will need to bear the cost of their return ticket in accordance with H1B visa policy. Unlike Musk, Zuckerberg said that he will assist migrant employees with their immigration. “I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need. Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws,” Zuckerberg said in a letter addressing the employees. Also read | Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others Employees in the United States will get 16 weeks of severance compensation in addition to two "additional weeks for every year of service, with no cap." All remaining Paid time off leave, or PTO (an employee leave policy under which the company sanctions a pool of leaves for its employees) vesting on 15 November, 2022, the cost of healthcare for them and their families for six months, and three months of career support from an outside vendor will be provided to laid-off staff. (With inputs from agencies) WATCH WION LIVE HERE:

Meta layoffs EXPLAINED: Why did Meta fire 13% of its employees? What next for the Facebook parent company?

<p>Meta Platforms unveiled its Quest Pro virtual and mixed reality headset on Tuesday, marking a milestone for chief executive Mark Zuckerberg's break into the higher-end market for extended reality computing devices.</p>

<p>The headset, introduced at Meta's annual Connect conference, will hit shelves on Oct. 25 at a price of $1,500, and will offer consumers a way to interact with virtual creations overlaid onto a full-colour view of the physical world around them.</p>

<p>The launch is an important step for Zuckerberg, who last year announced plans for the device — then called Project Cambria — at the same time that he changed his company's name from Facebook to Meta to signal his intention to refocus the social media giant into a company that operates a shared immersive computing experience known as the metaverse.</p>

<p>Zuckerberg has since poured billions of dollars into that vision. Reality Labs, the Meta unit responsible for bringing the metaverse to life, lost $10.2 billion in 2021 and has lost nearly $6 billion so far this year.</p>

<p>In a speech at the event, Zuckerberg, recorded partially in video and partially as an avatar, said he expects the blending of the physical and digital worlds to give rise to new uses for computing.</p>

<p>"You're going to see entirely new categories of things getting built," he said.</p>

<p>The Quest Pro features several upgrades over Meta's existing Quest 2 headset, which overwhelmingly dominates the consumer virtual reality market.<br />
<br />
ALSO READ:&nbsp;<a href="https://www.wionews.com/technology/meta-warns-one-million-users-about-potential-data-leak-through-malicious-apps-523435">Meta warns one million users about potential data leak through malicious apps</a></p>

<p>Most strikingly, it has outward-facing cameras that capture a sort of 3D livestream of the physical environment around a wearer, enabling mixed reality novelties like the ability to hang a virtual painting on a real-world wall or have a virtual ball bounce off a real table.</p>

<p>The Quest 2, by contrast, offers a more rudimentary grayscale version of this technology, called passthrough.</p>

<p>The Quest Pro feels lighter and slimmer than its predecessors, with thin pancake lenses and a relocated battery that sits at the back of the headset, distributing its weight more evenly while reducing overall bulk.</p>

<p>For fully immersive virtual reality, Meta has added tracking sensors to the Quest Pro that can replicate users' eye movements and facial expressions, creating a sense that avatars are making eye contact.<br />
<br />
<strong>PITCHING PRODUCTIVITY</strong></p>

<p>Meta is pitching the Quest Pro as a productivity device, aimed at designers, architects and other creative professionals.</p>

<p>In addition to offering its own Horizon social and workspace platforms, the company has also made virtual versions of Microsoft Corp work products like Word, Outlook and Teams available, a partnership Microsoft CEO Satya Nadella joined Zuckerberg to announce.</p>

<p>Matthew Ball, a venture capitalist whose writings about the metaverse have drawn Zuckerberg's praise, said he considered such partnerships significant because they suggested the companies' commitment to interoperability, or the idea that different systems should connect with each another.</p>

<p>"There is a lot of skepticism in the market as to whether an interoperable and open metaverse is even possible, let alone likely," he said, noting that Microsoft and Meta compete on several products in the extended reality space.</p>

<p>At a preview of Quest Pro days before its launch, Meta gave reporters a glimpse of the type of user it had in mind for its productivity pitch by showcasing apps like Tribe XR, a virtual training environment for DJs.<br />
<br />
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/russia-adds-tech-giant-meta-to-list-of-terrorist-and-extremist-organisations-524459">Russia adds tech giant Meta to list of 'terrorist And extremist' organisations</a></p>

<p>Tribe XR is already available in virtual reality, but a demonstration showed how passthrough technology may enable DJs to use the app to play real-world gigs, as it means they can look out past their virtual equipment at actual partygoers.</p>

<p>Meta plans to sell the Quest Pro in consumer channels to start, while adding enterprise-level capabilities like mobile device management, authentication and premium support services next year, executives said at the press event.</p>

<p>They said the device is intended to complement rather than replace the entry-level Quest 2, which sells for $399.99.</p>

<p>For now, that means the Quest Pro stops short of enabling the complex commercial applications Meta has suggested it wants its metaverse technology to support.</p>

<p>The company is still working on a mixed reality experience for its Horizon Workrooms app that would make a person's avatar appear to be present in a real-world conference room with other users, which it is calling Magic Rooms.</p>

<p>It is also planning to add legs to its avatars, which are currently displayed from the waist up, Zuckerberg said.</p>

<p>Still, the Quest Pro's price point puts it well under the cost of existing enterprise-focused devices like Microsoft's Hololens 2, which was released for commercial use in 2019 and is already present in operating rooms and on factory floors.</p>

<p>An entry-level Hololens 2 sells for $3,500.<br />
<br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Meta Platforms unveiled its Quest Pro virtual and mixed reality headset on Tuesday, marking a milestone for chief executive Mark Zuckerberg's break into the higher-end market for extended reality computing devices.

Meta Platforms unveiled its Quest Pro virtual and mixed reality headset on Tuesday, marking a milestone for chief executive Mark Zuckerberg's break into the higher-end market for extended reality computing devices. The headset, introduced at Meta's annual Connect conference, will hit shelves on Oct. 25 at a price of $1,500, and will offer consumers a way to interact with virtual creations overlaid onto a full-colour view of the physical world around them. The launch is an important step for Zuckerberg, who last year announced plans for the device — then called Project Cambria — at the same time that he changed his company's name from Facebook to Meta to signal his intention to refocus the social media giant into a company that operates a shared immersive computing experience known as the metaverse. Zuckerberg has since poured billions of dollars into that vision. Reality Labs, the Meta unit responsible for bringing the metaverse to life, lost $10.2 billion in 2021 and has lost nearly $6 billion so far this year. In a speech at the event, Zuckerberg, recorded partially in video and partially as an avatar, said he expects the blending of the physical and digital worlds to give rise to new uses for computing. "You're going to see entirely new categories of things getting built," he said. The Quest Pro features several upgrades over Meta's existing Quest 2 headset, which overwhelmingly dominates the consumer virtual reality market. ALSO READ: Meta warns one million users about potential data leak through malicious apps Most strikingly, it has outward-facing cameras that capture a sort of 3D livestream of the physical environment around a wearer, enabling mixed reality novelties like the ability to hang a virtual painting on a real-world wall or have a virtual ball bounce off a real table. The Quest 2, by contrast, offers a more rudimentary grayscale version of this technology, called passthrough. The Quest Pro feels lighter and slimmer than its predecessors, with thin pancake lenses and a relocated battery that sits at the back of the headset, distributing its weight more evenly while reducing overall bulk. For fully immersive virtual reality, Meta has added tracking sensors to the Quest Pro that can replicate users' eye movements and facial expressions, creating a sense that avatars are making eye contact. PITCHING PRODUCTIVITY Meta is pitching the Quest Pro as a productivity device, aimed at designers, architects and other creative professionals. In addition to offering its own Horizon social and workspace platforms, the company has also made virtual versions of Microsoft Corp work products like Word, Outlook and Teams available, a partnership Microsoft CEO Satya Nadella joined Zuckerberg to announce. Matthew Ball, a venture capitalist whose writings about the metaverse have drawn Zuckerberg's praise, said he considered such partnerships significant because they suggested the companies' commitment to interoperability, or the idea that different systems should connect with each another. "There is a lot of skepticism in the market as to whether an interoperable and open metaverse is even possible, let alone likely," he said, noting that Microsoft and Meta compete on several products in the extended reality space. At a preview of Quest Pro days before its launch, Meta gave reporters a glimpse of the type of user it had in mind for its productivity pitch by showcasing apps like Tribe XR, a virtual training environment for DJs. ALSO READ: Russia adds tech giant Meta to list of 'terrorist And extremist' organisations Tribe XR is already available in virtual reality, but a demonstration showed how passthrough technology may enable DJs to use the app to play real-world gigs, as it means they can look out past their virtual equipment at actual partygoers. Meta plans to sell the Quest Pro in consumer channels to start, while adding enterprise-level capabilities like mobile device management, authentication and premium support services next year, executives said at the press event. They said the device is intended to complement rather than replace the entry-level Quest 2, which sells for $399.99. For now, that means the Quest Pro stops short of enabling the complex commercial applications Meta has suggested it wants its metaverse technology to support. The company is still working on a mixed reality experience for its Horizon Workrooms app that would make a person's avatar appear to be present in a real-world conference room with other users, which it is calling Magic Rooms. It is also planning to add legs to its avatars, which are currently displayed from the waist up, Zuckerberg said. Still, the Quest Pro's price point puts it well under the cost of existing enterprise-focused devices like Microsoft's Hololens 2, which was released for commercial use in 2019 and is already present in operating rooms and on factory floors. An entry-level Hololens 2 sells for $3,500. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Meta's new Quest Pro headset, mixing real and virtual worlds, makes debut

<p>Mark Zuckerberg<strong>&nbsp;</strong>announced that Facebook's name will now change to <strong>Meta </strong>to represent the company's vision of<strong>&nbsp;</strong>metaverse as the "next chapter" on the internet&nbsp;during a live stream event on Thursday.</p>

<p>"To reflect who we are and what we hope to build I am proud to announce, starting today our company is now Meta," Zuckerberg said. "Our mission remains the same, it is still about bringing people together," he added while asserting that "we are still the company that&nbsp;designs <strong>technology</strong> around people."</p>

<p>"Now we have a new north star&nbsp;to help bring the <strong>metaverse</strong> to life," Zuckerberg said.</p>

<div class="ui-state-default" contenteditable="false">
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<p dir="ltr" lang="en">Announcing <a href="https://twitter.com/meta?ref_src=twsrc%5Etfw">@Meta</a> — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. <a href="https://t.co/ywSJPLsCoD">pic.twitter.com/ywSJPLsCoD</a></p>
— Facebook (@Facebook) <a href="https://twitter.com/Facebook/status/1453795115701440524?ref_src=twsrc%5Etfw">October 28, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>"We've learned a lot from struggling with <strong>social issues</strong> and living under closed platforms, and now it is time to take everything that we've learned and help build the next chapter," Zuckerberg said.</p>

<p><a href="https://www.wionews.com/technology/what-is-metaverse-the-new-buzzword-in-internet-technology-412364">Also Read:&nbsp;What is metaverse, the new buzzword in internet technology?</a></p>

<p>However, Zuckerberg asserted that "our apps and their brands, they are not changing".</p>

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Mark announces <a href="https://twitter.com/hashtag/Meta?src=hash&amp;ref_src=twsrc%5Etfw">#Meta</a>, the new name for FACEBOOK. <a href="https://t.co/I7O2xKsHr3">pic.twitter.com/I7O2xKsHr3</a></p>
— OTT Reporter (@Rahul7867861) <a href="https://twitter.com/Rahul7867861/status/1453797644711563289?ref_src=twsrc%5Etfw">October 28, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>Facebook founder <strong>Zuckerberg</strong> spoke about the social media giant's vision for metaverse in a keynote live stream event.</p>

<p><a href="https://www.wionews.com/technology/next-great-leap-in-evolution-of-internet-why-is-facebook-ceo-mark-zuckerberg-betting-on-metaverse-401150">Also Read |&nbsp;'Next great leap in evolution of internet': Why is Facebook CEO Mark Zuckerberg betting on metaverse?</a></p>

<p>"Metaverse will have richer ways to connect," Zuckerberg said during the live video link as he described the virtual concept as a way to "connect with people".</p>

<p>He informed how <strong>"gaming" </strong>will change in the metaverse with a more "immersive experience".</p>

<p><a href="https://www.wionews.com/technology/meta-or-facebook-twitter-users-make-fun-of-rebranding-of-social-media-platform-424869">Also Read:&nbsp;Twitter users make fun of rebranding of social media platform</a></p>

<p>“The last few years have been humbling for me and our company in a lot of ways,” the <strong>Facebook</strong> chief conceded as he introduced “a social version of home” where users can “jump into apps” with other avatars.</p>

<p>"Work from anywhere" as a concept is&nbsp;high on the metaverse horizon, Zuckerberg explained. He said access to jobs for people will be a "gamechanger".</p>

<p>"<strong>Metaverse</strong> is the next frontier," Zuckerberg said.</p>

<p>(With inputs from Agencies)</p>


Mark Zuckerberg announced that Facebook's name will now change to Meta to represent the company's vision of metaverse as the "next chapter" on the internet during a live stream event on Thursday.

Mark Zuckerberg announced that Facebook's name will now change to Meta to represent the company's vision of metaverse as the "next chapter" on the internet during a live stream event on Thursday. "To reflect who we are and what we hope to build I am proud to announce, starting today our company is now Meta," Zuckerberg said. "Our mission remains the same, it is still about bringing people together," he added while asserting that "we are still the company that designs technology around people." "Now we have a new north star to help bring the metaverse to life," Zuckerberg said. Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD — Facebook (@Facebook) October 28, 2021 × "We've learned a lot from struggling with social issues and living under closed platforms, and now it is time to take everything that we've learned and help build the next chapter," Zuckerberg said. Also Read: What is metaverse, the new buzzword in internet technology? However, Zuckerberg asserted that "our apps and their brands, they are not changing". Mark announces #Meta, the new name for FACEBOOK. pic.twitter.com/I7O2xKsHr3 — OTT Reporter (@Rahul7867861) October 28, 2021 × Facebook founder Zuckerberg spoke about the social media giant's vision for metaverse in a keynote live stream event. Also Read | 'Next great leap in evolution of internet': Why is Facebook CEO Mark Zuckerberg betting on metaverse? "Metaverse will have richer ways to connect," Zuckerberg said during the live video link as he described the virtual concept as a way to "connect with people". He informed how "gaming" will change in the metaverse with a more "immersive experience". Also Read: Twitter users make fun of rebranding of social media platform “The last few years have been humbling for me and our company in a lot of ways,” the Facebook chief conceded as he introduced “a social version of home” where users can “jump into apps” with other avatars. "Work from anywhere" as a concept is high on the metaverse horizon, Zuckerberg explained. He said access to jobs for people will be a "gamechanger". "Metaverse is the next frontier," Zuckerberg said. (With inputs from Agencies)

Facebook is now Meta, says Mark Zuckerberg, changes company name to reflect 'metaverse' vision