Facebook will have a new name Next Week, says The Verge

World renowned social media giant Facebook Inc is planning to rebrand itself with a new name next week, the Verge reported on Tuesday, citing a source with direct knowledge of the matter.

Facebook CEO Mark Zuckerberg plans to talk about the name change at the company's annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge reported.

As per the reports from Reuters, Facebook does not comment on rumor or speculation.

The Verge added in the report that the Facebook rebranding would position their social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more.

Companies in Silicon Valley usually change their names as they bid to expand their services.

Also, according to the report, the move to rebrand will also reflect Facebook's focus on building the so-called metaverse, an online world where people can use different devices to move and communicate in a virtual environment.

Facebook also was noticed that it has invested a lot in virtual reality (VR) and augmented reality (AR) and intends to connect its nearly three billion users through several devices and apps.

On Tuesday, the company announced plans to create 10,000 jobs in the European Union over the next five years to help build this metaverse project of Facebook.

The Verge report also said a possible name for the company could have something to do with Horizon. Recently, Facebook renamed its in-development VR gaming platform named 'Horizon,' to 'Horizon Worlds'.