Social media giant, Facebook is working to rebrand itself with a new name next week in an effort to distance itself from a string of embarrassing scandals.
The company’s original social media site, Facebook, will likely keep its name, but Facebook Inc., the parent company which also owns Instagram and WhatsApp, will change its name.
CEO Mark Zuckerberg plans to reveal the parent company’s new name at its annual Connect conference on October 28, but it could be revealed sooner, the Verge reported.
The change is expected to position Facebook’s social media app as one of many products from a parent company, which will oversee products like Instagram, WhatsApp, Oculus and more.
It will also help dissociate the company’s flagship social media brand from future bad publicity, with the recent whistleblower testimony from former employee Frances Haugen successfully tainting reputations on Facebook and Instagram.
The plan could also bring positive results to the reputation of the company which has suffered various damages in recent years.
He was accused of facilitating the spread of disinformation during the 2016 US presidential election, prompting a series of congressional hearings and policy changes, including the introduction of third-party fact-checkers and more high transparency in political advertising.
In 2019, the Federal Trade Commission fined Facebook $ 5 billion for allowing the collection of 87 million US profiles for information used for political advertising purposes by UK firm Cambridge Analytica.
Some of the advertising was used to help with former US President Donald Trump’s 2016 campaign.
Most recently, former Facebook employee Frances Haugen posted a wealth of material dubbed the “Facebook Files” in the Wall Street Journal.
Internal research suggests that Facebook promoted the division as a way to keep people on the site. It also showed the company knew Instagram was damaging young girls’ body image and even tried to think of ways to appeal to toddlers by “exploring playdates as a lever for growth.”
Haugen, who anonymously filed eight complaints against his former employer with the United States Securities and Exchange Commission, said 60 minutes earlier this month: “Facebook, time and again, has shown he prefers profit to security “.
She claimed that a 2018 change prioritizing divisive posts, which caused Facebook users to argue, was found to boost user engagement.
This in turn helped bosses sell more online ads which saw the social media giant’s value surpass $ 1,000 billion.
“You are forcing us to take positions that we don’t like, that we know are bad for society. We know that if we don’t take those positions, we won’t win in the social media market,” Haugen said. .
She also blamed Facebook for starting the January 6 Capitol riot.
Haugen, who spent two years at Facebook after working at Google, Yelp and Pinterest, testified in Congress on October 5.