Tech giant, Facebook is planning to rebrand itself with a new name as they come under fire from lawmakers and regulators over its business practices.
The new name is a closely-guarded secret and not known even among the company’s full senior leadership. The new name is meant to signal the tech giant’s ambition to be known for more than social media and all the ills that entail, according to The Verge
CEO Mark Zuckerberg plans to announce the new name next week, a source familiar with the matter told the outlet.
A Facebook spokesperson said the company “doesn’t comment on rumor or speculation.”
A rebranding comes after a wave of bad press linked to misinformation on its platforms, content moderation failures and revelations about the negative effect its products have on some users’ mental health, CNN noted.
Whistleblower, Frances Haugen, testified earlier this month that the company is aware that its platforms are used to spread hate and misinformation but has failed to take action to prevent it. The company also faces criticisms for prioritizing profit over health.
Facebook pushed back Haugen testimony calling it “misleading.”