Social media giant Facebook is reportedly planning to rebrand the company with a new name that focuses on the metaverse. According to a source with direct knowledge of the matter, Chief Executive Officer Mark Zuckerberg is expected to announce the name at the company`s Connect conference on October 28, reports The Verge.

As per report, the rebrand would likely position the Facebook app as one of the many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. Facebook first announced its plans to build out the metaverse -- a term used to describe virtual, interactive spaces in the digital world -- last month.