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Earlier this year, Facebook formed a team dedicated to building a metaverse, and just a few days ago, it talked about adding 10,000 'high-skilled' jobs across the European Union over the next five years to build its virtual and augmented reality experiences. Mark Zuckerberg has long talked about wanting to make Facebook a metaverse company and has been taking steps towards that goal. The Verge says the name change is a closely guarded secret at the moment and not even all senior leaders have knowledge about it. That would be similar to what Google did in 2015 when it put its various projects and divisions, along with itself, under its parent company Alphabet. The social network itself will likely retain the Facebook branding and will be under a new parent company, along with Instagram, WhatsApp and Oculus.

It's also possibly connected to its unreleased social virtual reality world called Horizon Worlds. Apparently, the social media giant will have a new name that will reflect its focus on creating a metaverse. Facebook is rebranding and changing its company name as soon as next week, according to The Verge.

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