Facebook held its Connect 2021 Keynote, a company-wide conference originally dedicated to the VR branch of Oculus. Mark Zuckerberg not only announced a whole range of VR products, but also finally revealed an already rumored renaming of his company to "Meta".
We knew this move would come since The Verge announced an upcoming announcement last week. While some reports initially mentioned a rebranding of the social network, this is more in line with Google's evolution towards Alphabet - a way of keeping a specific range of products separate from the rest of the company. With that in mind, Facebook (the Service) becomes another platform alongside Instagram and WhatsApp, rather than the name of the company as a whole.

As a brand, "Meta" shouldn't come as a surprise to anyone who has followed Zuckerberg's remarks about where they see technology developing. With the takeover of Oculus, Facebook has focused on expanding its VR products, particularly with regard to the "Metaverse", which it calls the "successor to the mobile Internet".
Nothing really changes for the end user. Facebook will continue to be Facebook, with all good and bad that goes with it. Much like Alphabet, which hit the scene in 2015, Meta will be a name for a multi-service parent company.
Sources):
Meta
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