Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Facebook Outlines Its Metaverse Future

Published 28/10/2021, 20:48
Updated 28/10/2021, 20:48
© Reuters.

© Reuters.

By Sam Boughedda

Investing.com — Facebook (NASDAQ:FB) co-founder and CEO Mark Zuckerberg outlined his vision for the future of the social media company, including a a metaverse with gaming, fitness, and educational products. 

One big announcement: Facebook will change its corporate name to Meta while preserving its various brands. The company will start trading under the ticker MVRS in December. 

The moves come amid renewed scrutiny of Facebook, not only for its size but also for its handing of misinformation on its platforms. A former employee who turned whistleblower recently testified to Congress that the company puts profit ahead of safety.

In a video to kick off the even Thursday, Zuckerberg said, "I know that some people will say that this isn't a time to focus on the future, and I want to acknowledge that there are important issues to work on in the present. There always will be," 

He continued: "So for many people, I'm just not sure there ever will be a good time to focus on the future. But I also know that there are a lot of you who feel the same way that I do."

The company's Connect event was its eighth, where it revealed new innovations and products designed for augmented and virtual reality as part of its plans to help build a metaverse. 

In his keynote speech, Zuckerberg said that the metaverse is "a ways off" but that it is "starting to take shape."

Some of the new products mentioned were: The Horizon Marketplace where Facebook said the company will have a virtual marketplace for users to buy and sell virtual goods, Messenger calling in VR, a fitness accessories pack for Oculus, educational tools and experiences for VR, high-end VR headset codenamed Cambria, and hand and body tracking for self-expression through AR.

Facebook's shares rose 3.5% to over $323.

Talking to reporters, Zuckerberg acknowledged that there are many issues the company is facing, and it is taking them "very seriously."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.