Facebook to officially change its name on 28 October: Reports

The social media giant Facebook Inc plans to re-launch under a new name next week, US tech blog The Verge announced on Tuesday, citing a source with direct knowledge of the matter.

Facebook CEO Mark Zuckerberg intends to announce the name change at the company's yearly Connect conference on October 28, but it is suspected to be revealed sooner, Verge reports.

In response, Facebook said it would give any remarks or comments on "rumours."

The rebranding news comes amidst a time when Facebook is being scrutinized by the US federal government because of its practices.

Legislators from both parties have reprimanded Facebook, showing the increasing anger in Congress with Facebook.

Rebrand positions Facebook's social media app as one of many parent company products that also monitors groups such as Instagram, WhatsApp, Oculus, the Verge report revealed.

It is not unusual in Silicon Valley for corporations to change their names when they offer to increase their operations.

Google established Alphabet Inc as a portfolio company in 2015 to expand its search and advertising business, to control various other companies, ranging from its autonomous vehicle and health technology unit to deliver Internet services and remote areas.

The rebrand also reflects Facebook's focus on building the so-called Metaverse, an online world where people can use various methods to move and interact in a virtual environment, the report added.

Recently, Facebook has invested massively in virtual reality (VR) and augmented reality (AR. It aims to connect its nearly three billion users with various devices and applications.

The company declared on Tuesday that it is creating over 10,000 jobs in European Union over the next five years to create the Metaverse.

Zuckerberg has been speaking about it as he said the key to the future of Facebook lies in the concept of Metaverse - the idea that users live, work and practice in a virtual universe. The company Oculus virtual reality service and headsets are a critical part of bringing this vision to life.