Facebook planning to rebrand the company in effort to focus on the “metaverse”

Facebook is planning to rebrand itself with a new name, according to a report from tech site The Verge on Tuesday. It cited a source with direct knowledge of the matter.

The Verge said that the rebranding (which could happen at the annual AR/VR-focused Facebook Connect conference on Oct. 28) could be related to the company’s ongoing efforts to build out the “metaverse.”’According to Facebook, metaverse is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. “You’ll be able to hang out with friends, work, play, learn, shop, create, and more.

The report says Facebook CEO Mark Zuckerberg is set to discuss the rebranding at an annual conference next week, and comes as the company faces intensifying scrutiny from U.S. lawmakers over its business practices. The rebranding would position Facebook as one of many products under a parent company, which will also oversee apps like Instagram and Whatsapp. On Tuesday, it announced plans to create 10,000 jobs in the European Union over the next five years to help bolster this effort.

The Verge report says a possible name for the company could have something to do with the word Horizon. Facebook recently renamed its in-development VR gaming platform ‘Horizon Worlds’. Facebook said in response that it does not comment on quote “rumor or speculation.”