Facebook Inc which is currently facing intense scrutiny over its business practices, is planning to rebrand the company with a new name that focuses on the metaverse. Chief Executive Officer Mark Zuckerberg is expected to announce the name at the company’s Connect conference on Oct. 28.

But the Facebook spokesperson declined to comment on this, saying the company doesn’t “comment on rumour or speculation.”

Zuckerberg, who co-founded the social network in 2004, has said that the key to Facebook’s future lies with the metaverse concept in which the users will live, work and exercise inside a virtual universe.

“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.”

The news of rebranding has come at a time when the company is facing increasing U.S. government scrutiny over its business practices. Lawmakers from both parties have excoriated the company, illustrating the rising anger in Congress with Facebook.

The rebranding would 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.

In response, Facebook said it does not comment on "rumour or ..