Last week, it was reported that Facebook, possibly the worst technology company to ever exist, was considering a rebranding. The new name was speculated to be centered around Facebook's growing focus on virtual and augmented reality (VR and AR, respectively), and sure enough, the name change is now official. During today's Connect event, Facebook revealed that its new name is 'Meta'.

"We are at the beginning of the next chapter for the internet," Mark Zuckerberg (who is definitely not a robot or lizard person) said in a blog post, "and it’s the next chapter for our company too. [...] To reflect who we are and the future we hope to build, I’m proud to share that our company is now Meta. Our mission remains the same — it’s still about bringing people together. Our apps and their brands aren’t changing either. We’re still the company that designs technology around people."

The rebranding comes after Facebook has been under intense criticism for details exposed in the 'Facebook Papers,' a collection of internal documents shared by former Facebook product manager Frances Haugen. The documents included information on how Facebook had separate content standards for high-profile users, how the company failed to take action against extremist communities organizing on Facebook's platforms after the 2020 United States presidential election, and how the company's own internal research reports that Facebook is harmful to the wellbeing of young people. Facebook is also under investigation by the US Federal Trade Commission for its acquisitions of Instagram and WhatsApp.

The new name only applies to Facebook the company, not Facebook the social media network. Instagram, WhatsApp, and the company's other properties are keeping their existing brands. Facebook's new name likely won't do anything to appease regulators or the general public, but hey, it might help Zuck drum up excitement for future virtual reality products.