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Social media giant Facebook Inc is planning to rebrand the company with a new name next week, as per a report by The Verge. Facebook Chief Executive Officer (CEO) Mark Zuckerberg is expected to discuss the name change at the company’s Connect conference on October 28, the website reported on Tuesday.

Though, the news of the rebranding could be unveiled sooner, the Verge report said.

The original Facebook app and service may remain unchanged in their branding, positioned under a parent company that counts other billion-user brands like Instagram and WhatsApp in its portfolio. Google already operates a similar structure with its Alphabet Inc. parent.

The rebrand would likely position Facebook's social media app as one of many products under a parent company, which will also oversee groups like Instagram, WhatsApp, Oculus and more, the report added.

The original Facebook app and service may remain unchanged in their branding, positioned under a parent company that counts other billion-user brands like Instagram and WhatsApp in its portfolio. Google already operates a similar structure with its Alphabet Inc. parent.

Zuckerberg, who co-founded the social network in 2004, has said that the key to Facebook’s future lies with the metaverse concept -- the idea that users will live, work and exercise inside a virtual universe. The company’s Oculus virtual reality headsets and service are an instrumental part of realizing that vision.

“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company," Zuckerberg said in July. “In many ways the metaverse is the ultimate expression of social technology."

(With inputs from agencies)

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