Brand of the Month – Meta
Meta is the new name of Facebook, the social media giant that has been around for more than 17 years. The company announced the rebranding in October 2021, as part of its vision to create a “metaverse” – a virtual reality platform where people can interact with each other and digital content in immersive ways.
The word “meta” comes from the Greek prefix meaning “beyond” or “after”. It is often used to describe something that is self-referential, abstract, or higher-level. For example, metadata is data about data, metafiction is fiction about fiction, and metacognition is thinking about thinking.
The metaverse is a term coined by sci-fi author Neal Stephenson in his 1992 novel Snow Crash, and it refers to a virtual world where people can interact with each other and digital content through avatars, VR headsets, and other devices.
Meta is the new name of the company that owns Facebook, Instagram, WhatsApp, Oculus and other products and services. The name change was announced by CEO Mark Zuckerberg on October 28, 2021, at the Connect 2021 conference. The reason for the rebranding was to reflect the company’s focus on building the metaverse, which is a term for an immersive digital environment that connects people across different platforms and devices. Meta’s vision is to move beyond 2D screens and create social experiences in augmented and virtual reality.
Meta’s history dates back to 2004, when it was founded as TheFacebook by Mark Zuckerberg and his Harvard classmates. The website was initially limited to college students, but soon expanded to other networks and regions. In 2005, the company dropped “The” from its name and became Facebook, Inc. It also acquired the domain name facebook.com for $200,000. In 2006, Facebook opened to anyone over 13 years old with a valid email address. In 2007, Facebook launched its platform for developers to create applications and games on its site. In 2008, Facebook opened its international headquarters in Dublin, Ireland.
Since then, Facebook has grown to become one of the most popular and influential social media platforms in the world, with over 3 billion monthly active users as of June 2021. It has also acquired several other companies and products, such as Instagram in 2012, WhatsApp in 2014, Oculus in 2014, Mapillary in 2020 and Kustomer in 2020. It has also invested in Jio Platforms, an Indian digital services company, and developed its own cryptocurrency project called Diem (formerly Libra). Facebook has also faced various controversies and criticisms over its privacy practices, content moderation policies, market dominance and social impact.
Meta’s new name and logo are intended to signal a new chapter for the company, as it shifts its focus from connecting people through existing platforms to creating new ones that enable more immersive and interactive experiences. Meta’s corporate structure is not changing, however, how it reports on its financials will. Starting with its results for the fourth quarter of 2021, it plans to report on two operating segments: Family of Apps and Reality Labs. It also intends to start trading under the new stock ticker MVRS on December.
Meta net worth
Meta’s net worth, or market capitalization, is the value of all its shares multiplied by the current stock price. As of January 27, 2023, Meta’s net worth was $402.35 billion, according to Bloomberg. This means that Meta is one of the most valuable companies in the world, ranking among the top 10 in the S&P 500 index.
However, Meta’s net worth has fluctuated significantly over the past year, due to various factors such as regulatory scrutiny, user privacy concerns, whistleblower revelations, advertising revenue growth, product innovation and competition. Meta’s net worth reached a peak of over $1 trillion in September 2021, but then plunged by more than 70% in the following months. Meta’s net worth recovered somewhat in July 2023, after it reported strong second-quarter earnings and showed progress in its metaverse ambitions.
Meta’s net worth also affects the personal wealth of its founder and CEO, Mark Zuckerberg, who owns about 13% of the company’s shares.
Zuckerberg is one of the richest people in the world, with a net worth of $113.3 billion as of July 27, 2023. Zuckerberg’s net worth has increased by $67.7 billion this year, thanks to Meta’s stock performance.
Future Plans of Meta
Meta, formerly known as Facebook, has recently announced its vision for the future of social media: the metaverse. The metaverse is a virtual environment where people can interact with each other and with digital content in immersive and realistic ways. Meta aims to create a platform that enables developers, creators and users to build and explore the metaverse together.
Some of the future plans that Meta has revealed include:
- Developing new hardware and software products that will make the metaverse more accessible and engaging, such as augmented reality glasses, haptic gloves and spatial audio.
- Investing in content creation tools and platforms that will allow anyone to create and share their own experiences in the metaverse, such as Horizon Worlds, Spark AR and Blender.
- Supporting the growth and diversity of the metaverse economy, by enabling creators to monetize their work, users to own and trade digital assets, and businesses to offer new services and experiences.
- Collaborating with industry partners, policymakers and civil society to ensure that the metaverse is safe, inclusive and responsible, by promoting privacy, security, interoperability and ethical standards.
Meta believes that the metaverse will be the next frontier of human connection and creativity, and that it will bring new opportunities and challenges for society. Meta invites everyone to join them in shaping the future of the metaverse.
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