Facebook Inc (NASDAQ:FB) announced recently it would be getting a new name to better coincide with the company’s vision of betting big on the metaverse. On Thursday, the company shared its new name and announced plans to change its stock symbol.

What Happened: Facebook Inc will change its name to Meta, a name that encompasses its full investment in growth through the metaverse.

“Connection is evolving and so are we,” the company says on its new website. “The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.”

CEO Mark Zuckerberg announced the name change at the Facebook Connect event.

“To reflect who we are and what we hope to build, I am proud to announce that starting today, our company is now Meta,” Zuckerberg said. “From now on, we’re going to be metaverse-first, not Facebook-first.”

The acquisition of Oculus for $2 billion in 2014 pushed Facebook further into virtual reality and augmented reality over the years. The rebranding comes after the company announced in a memo this year it would be investing heavily in the metaverse.

Facebook will change its FB ticker to MVRS on Dec. 1.

Related Link: New Metaverse ETF Launches From Roundhill Investments

Event Highlights: Along with the name change update, Facebook provided some update on its plans for the metaverse:

Reactions: When Facebook announced it was changing its name, many mentioned the timing of the move coinciding with several PR disasters for the company.

Zuckerberg told The Verge the move is about a shift the company is making that has nothing to do with the timing. Facebook is investing $10 billion this year in building the metaverse.

Zuckerberg said the cycle of bad news “had nothing to bear on this. Even though I think some people might want to make that connection, I think that’s sort of a ridiculous thing.”

Sportsbetting.ag took wagers on what Facebook would change its name to. The leading choices were Virtuel (+400), Connect (+500), Horizon (+500), Ecoverse (+700) and Metabook (+800). None of the popular options ended up being correct.

Benzinga''s Wayne Duggan nailed the guess with this.

“If Facebook is focusing its rebranding on the metaverse, there’s a good chance the new name will include either “meta” or “verse.”

Dorsey trolled Facebook earlier by suggesting the company change its name to “Central Intelligence Corporation.”

FB Price Action: Facebook shares are up 3% to $322.70 at the time of writing.