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Facebook CEO Mark Zuckerberg announced the rebranding of Facebook as “Meta” at the Connect 2021 conference. The company’s ticker symbol will also be changed to “MVRS” from December 1. “Today, we’re considered a social media company,” Mark Zuckerberg said. “But in our DNA, we’re a company that uses technology to connect people. And the metaverse is the next frontier, just like we started with social networking.” The company also unveiled new tools at the conference to help build the metaverse. These include a Presence Platform that enables mixed reality experiences on Quest 2 (A VR headset). In addition, Meta will invest $150 million to train the next generation of metaverse creators.
“We hope that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support the work of millions of creators and developers,” Zuckerberg wrote in a letter on Thursday. Zuckerberg predicted that elements of the metaverse could become mainstream within 5 to 10 years. He added that the company expects to “invest billions of dollars over the next few years before the metaverse reaches scale.” Bitcoin price is back above $60,000 and is likely to trade in the $60,000 to $65,000 range.