Social Media giant and a multi-billion-dollar company, Facebook has decided to rebrand itself under a new name, "Meta." The company decided to change its name on Thursday.

In a statement available at Facebook Newsroom, Facebook CEO and founder, Mark Zuckerberg said that the change is to reflect what the company is going to do in the future.

"We are at the beginning of the next chapter for the internet, and it’s the next chapter for our company too," Zuckerberg said in the statement.

"When I started Facebook, we mostly typed text on websites. When we got phones with cameras, the internet became more visual and mobile. As connections got faster, the video became a richer way to share experiences. We’ve gone from desktop to web to mobile; from text to photos to video. But this isn’t the end of the line," the multi-billionaire said, "The next platform will be even more immersive — and embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build."

He explains the planned "meta-verse" will change how we know about the internet in the near future.

"In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parent's living room to catch up," he says.

"In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parent's living room to catch up," he reflected the past few years of Facebook when it is surrounded by different allegations, from data theft to incitement of insurrection, to abandoning Free speech.

"This period has also been humbling because as big of a company as we are, we’ve also learned what it’s like to build on other platforms. Living under their rules has profoundly shaped my views on the tech industry. I’ve come to believe that the lack of choice for consumers and high fees for developers are stifling innovation and holding back the internet economy," he said.

The company has already started hiring for its planned "meta-verse." Earlier it was reported that the company is seeking to hire employees from the EU.