Facebook announced the company has changed its name to “Meta” to capture the company’s ambition to move beyond social media and expand into the virtual world.

The name change will result in its stock ticker changing from FB to MVRS beginning Dec 1. Zuckerberg revealed that the company is investing $10 billion in the development of the metaverse. “We believe the metaverse will be the successor to the mobile internet,” Zuckerberg said.