The Verge reported on Tuesday that Facebook Inc (FB.O) is going to rebrand itself with a new name next week, citing a source with firsthand knowledge of the situation.

According to The Verge, Facebook CEO Mark Zuckerberg wants to discuss the name change during the company's annual Connect conference on Oct. 28, although it might be revealed sooner.

Facebook responded that it did not comment on "rumor or speculation."

The disclosure comes at a time when the company's business operations are being scrutinized by the US authorities. Facebook has been chastised by lawmakers from both parties, illustrating Congress's growing dissatisfaction with the firm.

According to the Verge, the renaming will portray Facebook's social network app as one of many products under a parent corporation that will also control Instagram, WhatsApp, Oculus, and other companies.

It's not uncommon for companies in Silicon Valley to change their names in order to expand their offerings.

In 2015, Google formed Alphabet Inc (GOOGL.O) as a holding company to supervise numerous other operations ranging from its autonomous vehicle unit and health technologies to delivering internet services in distant locations, in addition to its search and advertising businesses.

According to the source, the rebranding would also reflect Facebook's aim on establishing the so-called metaverse, an online world where people can move and converse in a virtual environment using various gadgets.

Facebook has made significant investments in virtual reality (VR) and augmented reality (AR), with the goal of connecting its almost three billion users via a variety of devices and apps.

It unveiled plans on Tuesday to generate 10,000 jobs in the European Union over the next five years to aid in the development of this metaverse.

Subsequently July, Zuckerberg has been promoting the metaverse, which was first conceived in a dystopian novel three decades ago and has since been mentioned by other internet companies such as Microsoft.

According to Verge, the company's name could have anything to do with Horizon. Facebook just rebranded its in-development virtual reality game platform, 'Horizon,' to 'Horizon Worlds.'