Facebook, the company, tries to reinvent by creating an umbrella organization (Meta) for its suite of apps and technologies. At Connect 2021, CEO Mark Zuckerberg made the announcement emphasizing that the company’s new focus is to bring the metaverse to life.

Zuckerberg explained that the metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let users share immersive experiences with other people even if they are in different locations.

“It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company,” the company said in the media advisory.

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It is interesting to note that Google created an umbrella organization (Alphabet) that represents all its products and services.

Connect 2021 explored what experiences in the metaverse could feel like over the next decade — from social connection, to entertainment, gaming, fitness, work, education and commerce.

“We also announced new tools to help people build for the metaverse, including Presence Platform, which will enable new mixed reality experiences on Quest 2, and a $150-million investment in immersive learning to train the next generation of creators” Zuckerberg said.

The embattled Facebook founder noted that the corporate structure of the company is not changing, “how we report on our financials will,” he said.

By the fourth quarter of 2021, Facebook or Meta plan to report on two operating segments: Family of Apps and Reality Labs.

“We also intend to start trading under the new stock ticker we have reserved, MVRS, on Dec. 1. Today’s announcement does not affect how we use or share data,” Zuckerberg said.